26
July 2024
SUPERMARKET INCOME REIT
PLC
(the
"Company")
£170 MILLION DEBT REFINANCING
UPDATE
Supermarket Income REIT plc (LSE: SUPR), the
real estate investment trust providing secure, inflation-linked,
long income from grocery property, announces the completion of a
£170 million[1] refinancing through its
first private placement debt issuance and a new unsecured bank
facility.
€83 million
private placement debt issue
The Company has signed and completed an
agreement with a group of institutional investors for a private
placement of €83 million of new senior unsecured notes (the
"Notes"). The Notes have a maturity of seven years and a fixed rate
coupon of 4.44%.
The Notes were priced on 11 July 2024 and the
note purchase agreement was signed on 25 July 2024. Proceeds were
received on 25 July and will be used to refinance euro drawings
under an existing secured revolving credit facility with HSBC,
which had been used to fund the recent acquisition of a portfolio
of 17 stores from Carrefour.
£100 million
debt refinancing
The Company has also refinanced its existing
£97 million secured debt facility with Deka through a new £100
million unsecured debt facility with ING Bank N.V., London Branch
("ING").
The new ING facility (the "Facility") comprises
a £75 million term loan and a £25 million revolving credit
facility. The interest-only Facility has a maturity of three years
and has two one-year extension options at the lender's discretion.
The Facility is priced at a margin of 1.55% over SONIA and benefits
from forward starting hedges, which cap the interest rate at an
all-in cost of 3.0% until January 2026.
Following the debt refinancing, the Company has
a pro-forma LTV of 37%.
Ben Green,
Director of Atrato Capital Limited, the Investment Adviser to
Supermarket Income REIT, said:
"We are very pleased at the support we have
received from new institutional investors both for the Company's
new unsecured private placement and for the refinancing of the
secured facility.
The quality of our portfolio continues to
appeal to new lenders and allows the Company to access debt
financing on favourable terms."
The securities offered have not been registered
under the Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exemption
from registration requirements.
[1] Including €83 million Private Placement converted at €1.19 to
£1
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FOR
FURTHER INFORMATION
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Atrato Capital Limited
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+44 (0)20 3790
8087
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Steve Noble / Rob Abraham
/ Mike Perkins /
Chris
McMahon
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ir@atratocapital.com
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Stifel Nicolaus Europe Limited
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+44 (0)20 7710
7600
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Mark Young / Rajpal
Padam / Madison Kominski
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Goldman Sachs
International
Tom Hartley / Hannah Mackey
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+44 (0)20 7774 1000
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FTI
Consulting
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+44 (0)20 3727
1000
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Dido Laurimore / Eve Kirmatzis /
Andrew Davis
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SupermarketIncomeREIT@fticonsulting.com
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NOTES TO EDITORS:
Supermarket Income REIT plc (LSE: SUPR) is a real estate investment trust dedicated to
investing in grocery properties which are an essential part of the
feed the nation infrastructure. The Company focuses on grocery
stores which are omnichannel, fulfilling online and in-person
sales. The Company's supermarkets are let to leading supermarket
operators in the UK and Europe, diversified by both tenant and
geography.
The Company provides investors with
attractive, long-dated, secure, inflation-linked, growing income
with the potential for capital appreciation over the longer
term.
The Company is listed on the premium
segment of the Official List of the UK Financial Conduct Authority
and its Ordinary Shares are traded on the Main Market of the London
Stock Exchange, having listed initially on the Specialist Fund
Segment of the Main Market on 21 July 2017.
Atrato Capital Limited is the
Company's Investment Adviser.
Further information is available on
the Company's website www.supermarketincomereit.com
LEI: 2138007FOINJKAM7L537
Stifel Nicolaus Europe Limited, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Supermarket Income REIT plc and no one
else in connection with this announcement and will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Stifel Nicolaus Europe Limited
nor for providing advice in connection with the matters referred to
in this announcement.
Goldman Sachs International, which is authorised by the
Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority in the
United Kingdom, is acting exclusively for Supermarket Income REIT
plc and no one else in connection with this announcement and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Goldman Sachs International
nor for providing advice in connection with the matters referred to
in this announcement.