RDI REIT PLC Early Refinancing of £275million UK Bank Facility (3046N)

TIDMRDI

RNS Number : 3046N

RDI REIT PLC

17 January 2019

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

LEI: 2138006NHZUMMRYQ1745

RDI completes the early refinancing of a GBP275.0 million UK bank facility

RDI, the income focused UK-REIT, is pleased to announce the successful early refinancing of its largest UK debt facility. The facility has been extended for five years with a club of three banks comprising Barclays, HSBC and RBS.

The total facility commitments of GBP275.0 million include a GBP137.5 million term loan and a GBP137.5 million revolving credit facility. The facility is currently drawn to GBP250.0 million reflecting an anticipated LTV of approximately 47% whilst providing GBP25.0 million of additional headroom. The majority of the drawn amount has been hedged at an attractive rate and, combined with the ratcheted margin structure, is anticipated to result in a total interest cost of between 3.0% and 3.3%. The revolving credit facility provides significant flexibility in managing the Company's capital and liquidity.

This proactive refinancing will extend RDI's weighted average debt maturity to 7.1 years (6.7 years at 31 August 2018) and marginally increase the Company's weighted average interest rate to approximately 3.5% (3.4% at 31 August 2018). The Company's overall loan to value remains broadly unchanged and within the Company's target of 40% - 50%.

Stephen Oakenfull, Deputy CEO at RDI, commented:

"We are pleased to have secured attractive terms on the extension of our principal UK debt facility with built in flexibility to manage capital efficiently through the revolving credit facility. In the current uncertain economic environment, we are pleased to have secured the early extension of this facility."

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Stephen Oakenfull, Janine Ackermann  Tel: [phone] 
                                                    0100 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey, Ellie Sweeney       Tel: [phone] 
                                                    1000 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                                    Tel: [phone] 
                                                    3030 
JSE Sponsor 
Java Capital                                       Tel: + 27 (0) 11 
                                                    722 3050 
 

Note to editors:

About RDI

RDI is a UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income focused REIT. The Company's income-led business model and strategic priorities are designed to offer shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings per share of 3%-5% across the medium term.

Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any one sector or tenant, together with an efficient capital structure. The secure and growing income stream is 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry). This is complemented by an average debt maturity of 6.7 years of which over 95% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios in the industry whilst maintaining a low cost of debt.

The Company owns properties independently valued at GBP1.6bn in the United Kingdom and Germany, Europe's two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.

RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

For more information on RDI, please refer to the Company's website www.rdireit.com

All figures as at 31 August 2018.

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 [e-mail] or visit www.rns.com.

END

MSCUNUNRKNAAAAR

(END) Dow Jones Newswires

January 17, 2019 02:00 ET (07:00 GMT)