Capital/Financing Update • Jun 7, 2013
Capital/Financing Update
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National Storage Mechanism | Additional information
RNS Number : 5674G
Helical Bar PLC
07 June 2013
7 June 2013
Helical Bar plc ("Helical" or the "Company")
Helical signs £75m Revolving Credit Facility with Barclays Bank PLC
Helical Bar plc has signed a new £75m Revolving Credit Facility with Barclays Bank PLC ("Barclays"), refinancing £49.3m of existing debt, leaving £25.7m available to fund future acquisitions.
Assets included in the facility include offices at Shepherd's Building, London W14 and Broadway House, London W6 and a shopping centre at The Guineas, Newmarket.
The terms of this facility, repayable in October 2017, allow drawdowns of up to 63% of value. The new facility benefits from existing interest rate swaps contributing to an effective interest rate, including margin, of circa 4.4% at the current utilisation level.
Commenting, Tim Murphy, Helical Bar's Finance Director, said:
"The signing of this new facility with Barclays rationalises three facilities and extends our average debt maturity. We now have £175m of revolving credit facilities with circa £34m unutilised and available to fund acquisitions that offer the potential to create income and capital growth."
Steve Sprigens, Director, Barclays Real Estate, said:
"Helical is a well established client of Barclays and we are delighted to be able to support them with their future growth plans. Our in-depth understanding of the business enabled us to deliver a financing solution to meet their needs which will allow Helical to fund future acquisitions."
For further information, please contact:
Helical Bar plc
Mike Slade / Tim Murphy 020 7629 0113
FTI Consulting
Dido Laurimore / Stephanie Highett 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
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