Lok'nStore Group PLC New £75 million Banking Facility (0116X)
25 April 2019 - 4:00PM
UK Regulatory
TIDMLOK
RNS Number : 0116X
Lok'nStore Group PLC
25 April 2019
25 April 2019
Lok'nStore Group plc ("Lok'nStore"or "the Group")
New GBP75 million Banking Facility to support Growth
Strategy
Lok'nStore plc, the fast growing AIM listed self-storage
company, is pleased to announce the agreement of a new GBP75
million five year revolving credit facility which will replace the
existing GBP50 million facility and will provide funding for site
acquisitions and their development to support the Group's ambitious
growth plans.
The facility is a combined agreement with Lloyds Bank plc and
The Royal Bank of Scotland plc and runs until 2024 and is closely
aligned to the terms of the Group's previous facility.
The facility also provides for a GBP25 million accordion uplift
to GBP100 million and runs to 2024 with an extension option for a
further two one year extensions.
The interest rate is set at the London Inter-Bank Offer Rate
(LIBOR) plus a 1.50%-1.75% margin based on a loan to value covenant
test. There are no additional bank financial covenants in the new
facility which will provide an increased flexibility to invest in
new store development.
Andrew Jacobs CEO of Lok'nStore Group said;
"This new, substantially larger, banking facility underlines the
financial strength of Lok'nStore with its modest gearing, valuable
property assets and strong and growing cash flow and will enable
the Group to continue to execute its current growth strategy."
Lok'nStore will announce its preliminary interim results for the
6 months to January 2019 on Monday 29 April 2019.
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521 010
finnCap Ltd
Julian Blunt,/Giles Rolls, Corporate
Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Billy Clegg / Tom Huddart/Jake Thomas 0203 757 4980
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information for the purposes of Article 7 of Regulation
596/2014.
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END
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