Hammerson has announced the successful syndication and signing of a £420 million unsecured Revolving Credit Facility at an initial margin of 90 basis points with a syndicate of eight international banks.
This new facility will refinance the existing £150 million Revolving Credit Facility which would have matured in April 2017 which featured a margin of 150 basis points. The facility has a maturity of five years which may be extended to a maximum of seven years on Hammerson’s request and on each bank’s approval for their participation. The commercial terms are the same as the £415m Revolving Credit Facility signed in April 2015 and include Hammerson’s standard unsecured financial covenants.
The existing £150m facility will be cancelled resulting in a net increase of £270 million of undrawn facilities. This increase in liquidity will be used to partially refinance the EUR1.5bn Revolving Credit Facility used for recent investments in Ireland and Birmingham. Following the signing of this new Revolving Credit Facility, the total committed financing available to Hammerson is approximately £4.4 billion.
Lloyds Bank plc acted as Coordinator for the facility and HSBC Bank plc were appointed as Facility Agent. Bank of China Limited London Branch, China Construction Bank Corporation London Branch, Lloyds Bank plc, Mizuho Bank Ltd and Wells Fargo Bank International were appointed Mandated Lead Arrangers and Bookrunners. Commitments were also provided by Barclays Bank plc, Crédit Industriel et Commercial and HSBC Bank plc.
HMSO : Hammerson secures £420m revolving credit facility