Tritax Big Box REIT plc, a UK leader in high-quality logistics real estate, is pleased to announce that it has signed a £500 million sustainability-linked unsecured revolving credit facility (the "New RCF") with a syndicate of its existing relationship banks and new lenders.
The New RCF has an initial five-year term which may be extended to a maximum of seven years at the Company's request, subject to lender consent. The New RCF also contains an uncommitted £200 million accordion option.
The New RCF is fully available for general corporate purposes and is being used to refinance the Company's existing £450m revolving credit facility, which was due to mature in December 2024 (the "Existing RCF").
The New RCF will help to support the Company's future investment and development activities and retains the same pricing as the Existing RCF, with an opening margin of 120bps.
The New RCF incorporates four sustainability-linked performance KPIs which align with our updated ESG targets and sustainability strategy. The KPIs specify any new developments should have a minimum BREEAM certification, a reduction in embodied carbon and a minimum biodiversity net gain within the development footprint. It also specifies that EPC ratings should be improved across the investment portfolio. The Company has the opportunity to improve the margin, subject to performance against these KPIs.
Following the refinancing, the average debt maturity across the Company's loan arrangements extends from 4.6 years to 5.4 years, the Company has more than £450 million of available liquidity and 95% of drawn debt is either fixed or hedged.
https://www.investegate.co.uk/announcem ... ty/7820309