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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mckay Securities Plc | LSE:MCKS | London | Ordinary Share | GB0005522007 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 281.00 | 281.00 | 283.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCKS
RNS Number : 3519V
McKay Securities PLC
08 April 2019
McKAY SECURITIES PLC ("the Group" or "McKay")
McKAY SIGNIFICANTLY INCREASES HEADROOM WITH GBP180M REFINANCING
McKay Securities PLC, the only UK REIT specialising entirely in the London and South East office and industrial markets, announces that it has signed a new secured GBP180 million revolving credit facility ("RCF") with a maturity of five years, to replace three current bilateral facilities totaling GBP125 million. The refinancing has been agreed with a syndicate of lenders consisting of Lloyds Bank, Barclays, NatWest and Santander banks.
This new refinancing, coupled with a GBP65 million fixed facility already held with Aviva, increases McKay's total debt facilities from GBP190 million to GBP245 million. This provides the Group with GBP80 million of firepower over current drawings to support operational flexibility, deliver further portfolio initiatives and give wider scope for new investments.
The Group is currently GBP165 million drawn on its existing facilities (34% LTV using 30th September 2018 values). With the benefit of the new facility, the initial weighted average cost of debt (prior to amortisation of fees) at current rates will be 3.2%, reducing to 3.0% if fully drawn (weighted average cost of debt for 12 months to 31(st) March 2018: 4.1%).
At current drawings, the Group is 39% fixed or hedged, and the possibility of additional hedging remains under review.
Simon Perkins, CEO of McKay, commented: "We are pleased to build on our long-term relationship with our banking group and welcome back Lloyds into our pool of lenders. This new facility further strengthens our financial platform and provides us with greater flexibility to implement our active programme of portfolio management, refurbishment and development at a highly competitive cost of debt."
PWC acted as debt advisor to McKay on this transaction.
-Ends-
Date: 8th April 2019
For further information, please contact:
McKay Securities PLC FTI Consulting Simon Perkins, CEO Dido Laurimore, Ellie Sweeney Giles Salmon, CFO 0203 727 1000 0118 950 2333 mckay@fticonsulting.com
About McKay Securities
McKay Securities PLC is a commercial property investment company with Real Estate Investment Trust (REIT) status, listed on the main market of the London Stock Exchange. It specialises in the development and refurbishment of good quality office and industrial building with established and proven markets of London and South East England. The portfolio, which was last valued at GBP479 million (30(th) September 2018), now comprises 33 properties in strong and established areas which deliver diversity in terms of both sector and location.
www.mckaysecurities.plc.uk
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
April 08, 2019 02:00 ET (06:00 GMT)
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