LXi REIT extends HSBC facility by two years
LXI Reit
100.80p
16:34 05/03/24
LXi REIT announced an extension to its existing £60m loan facility with HSBC on Monday, pushing the term from December 2024 to December 2026, effectively lengthening the maturity date.
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The FTSE 250 company said the extension addressed the earliest maturing debt in the group’s portfolio.
It also added the benefit of increasing the group’s weighted average term from 5.1 years to 5.2 years.
The terms of the facility remained unchanged, with an existing margin of 2.05% per annum above the sterling overnight index average (SONIA) and an interest rate cap in place until December 2024, fixed at 2.5%.
“The company expects to hedge the cost of the HSBC facility during the additional term to expiry in due course,” the board said.
At 1005 GMT, shares in LXi REIT were down 0.26% at 93.31p.
Reporting by Josh White for Sharecast.com.