Big Yellow expands Aviva, M&G debt facilities by GBP100 million

(Alliance News) - Big Yellow Group PLC on Thursday said it has increased its loan facilities with ...

Alliance News 14 October, 2021 | 2:35PM
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(Alliance News) - Big Yellow Group PLC on Thursday said it has increased its loan facilities with Aviva Investors and M&G Investments by GBP100 million.

The FTSE 250-listed self storage firm secured an additional GBP50 million seven-year debt facility with Aviva. Big Yellow's debt facilities with Aviva now total GBP163.4 million.

The company's existing loan with Aviva was also extended from April 2027 to September 2028, reducing the fixed cost of this total loan facility to 3.5% from its previous 4.0% rate.

Sustainability key performance indicators have been incorporated into this additional borrowing, Big Yellow added.

In addition, the company has increased its facilities with M&G by GBP50 million. This facility now totals GBP120 million and expires in June 2023.

Big Yellow expects to begin talks about refinancing this M&G loan next year.

Chief Financial Officer John Trotman said: "These new facilities provide the group with total facilities of GBP576 million, with current headroom of cash and undrawn bank facilities of over GBP175 million. In addition, the group has land surplus to its needs which will be realised over the medium term, generating net cash proceeds estimated currently at over GBP100 million."

Shares in Big Yellow Group were trading up 1.4% at 1,447.00 pence each in London on Thursday afternoon.

By Scarlett Butler; scarlettbutler@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Aviva PLC 424.10 GBX -1.83
Big Yellow Group PLC 1,474.00 GBX -0.41 -

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