TIDMSUPR
RNS Number : 5259M
Supermarket Income REIT PLC
15 September 2023
15 September 2023
SUPERMARKET INCOME REIT PLC
(the "Company")
DEBT REDUCTION AND REFINANCING UPDATE
Supermarket Income REIT plc (LSE: SUPR), the real estate
investment trust providing secure, inflation-linked, long income
from grocery property in the UK, announces the completion of a
comprehensive debt refinancing exercise.
Debt refinancing
The debt refinancing exercise involved the cancellation of two
shorter-dated debt facilities, the reduction and extension of an
existing debt facility and the completion of a new unsecured debt
facility with a new lender.
Overall, the Company has reduced its loan-to-value ("LTV") ratio
to 34%(1) (December 2022: 40%) and the weighted average term of
debt is now in excess of four years(2) . Over 60% of the Company's
debt facilities are now unsecured (December 2022: 48%) and the
Company has available undrawn committed facilities in excess of
GBP100 million.
-- The Company has cancelled two of its shorter-dated debt
facilities, including the GBP77.5 million secured revolving credit
facility ("RCF") with Barclays and Royal Bank of Canada, and the
GBP62.1 million unsecured debt facility provided by a syndicate of
relationship banks
-- The existing secured interest-only GBP150 million RCF with
HSBC has been refinanced with a new GBP50 million, secured,
three-year RCF with a GBP75 million uncommitted accordion option.
The new RCF has two one-year extension options and a margin of 170
bps over SONIA
-- A new GBP67 million, unsecured, three-year debt facility has
been completed with Sumitomo Mitsui Banking Corporation ("SMBC").
The debt facility has two one-year extension options and a margin
of 140 bps over SONIA
Hedging update
The Company has also used the value of its existing in-the-money
interest rate hedges to extend the term of its hedging arrangements
to match the maturity of its debt facilities at no additional cost
to the Company. 100% of the Company's drawn debt is now either
fixed rate or hedged to a fixed rate, representing a weighted
average all-in cost of debt of 3.1%.
Ben Green, Director of Atrato Capital Limited, the Investment
Adviser to Supermarket Income REIT, said:
"We are very pleased to be working with new lender SMBC in the
refinancing of the Company's debt facilities whilst benefitting
from the continuing support of our existing relationship banks. We
have also been able to extend hedging to further protect the
Company's balance sheet at no additional cost.
The Company continues to be able to access debt financing at
attractive margins, however, given the current macroeconomic
environment the Board considers it prudent to maintain a lower
LTV."
FOR FURTHER INFORMATION
Atrato Capital Limited +44 (0)20 3790 8087
Steven Noble / Rob Abraham / Chris ir@atratocapital.com
McMahon
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Young / Matt Blawat / Rajpal
Padam
Goldman Sachs International
Jimmy Bastock / Tom Hartley +44 (0)20 7774 1000
FTI Consulting +44 (0)20 3727 1000
Dido Laurimore / Eve Kirmatzis SupermarketIncomeREIT@fticonsulting.com
/ Andrew Davis
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 UK's feed the nation infrastructure.
The Company focuses on grocery stores which are omnichannel,
fulfilling online and in-person sales. All of the Company's
supermarkets are let to leading UK supermarket operators,
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 and targets a 7% to 10%
p.a. total shareholder return over the medium term (1) .
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
1. There is no certainty that these illustrative projections will be achieved
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.
[1] Based on last published portfolio valuation as at 31
December 2022 plus acquisitions at cost. The Company will publish
its 30 June 2023 valuation in its annual results on 20 September
2023.
[2] Including uncommitted extension options
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END
MSCFZGMLGDDGFZZ
(END) Dow Jones Newswires
September 15, 2023 02:00 ET (06:00 GMT)
Supermarket Income Reit (LSE:SUPR)
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から 5 2024 まで 6 2024
Supermarket Income Reit (LSE:SUPR)
過去 株価チャート
から 6 2023 まで 6 2024