Big Yellow Group PLC New Aviva debt facility (3207I)

TIDMBYG

RNS Number : 3207I

Big Yellow Group PLC

01 April 2020

1 April 2020

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

New Aviva debt facility

As part of our ongoing management of our capital structure, Big Yellow decided in January to increase its borrowing with its long-standing lender Aviva.

We are therefore pleased to announce that we have completed a 7 year debt facility with Aviva of GBP35 million at an all-in cost of 1.96%, secured over the existing Aviva security pool of 15 stores. The all-in cost reduces to 1.91% following the installation of 50 kWh capacity solar panels at three of the stores.

The total debt facilities from Aviva are now GBP117.5 million of which GBP82.5 million will continue to amortise down to GBP60 million over the remaining seven years of the loan.

This new facility provides the Group with headroom of cash and undrawn bank facilities of GBP73 million.

The average cost of debt on drawn facilities is now 2.6% and the marginal cost of RCF bank debt remains at 1.35%

The Board has over the last few years worked to ensure a spread of debt maturity dates and to procure debt from a range of providers. The Group's earliest maturity is on its GBP70 million M&G loan in June 2023 and the Group's debt has an average maturity of 4.9 years.

 
 Enquiries: 
 Nicholas Vetch, Executive Chairman     01276 477811 
 James Gibson, Chief Executive 
  Officer                               01276 477811 
 John Trotman, Chief Financial 
  Officer                               01276 477811 
 
 Teneo                                 0203 603 5221 
 Ben Foster 
 Matt Denham 
 

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April 01, 2020 02:00 ET (06:00 GMT)