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QuotedData’s morning briefing 15 September 2023 – SUPR, GSEO, BGLF

a green cup sits on a pile of books

In QuotedData’s morning briefing 15 September 2023:

  • VH Global Sustainable Energy Opportunities (GSEO) has announced that it will implement at £10m share buyback program. The board remains aware of the impact of GSEO’s discount, and will undertake buybacks when it believes to be in the interest of shareholders.
  • Blackstone Loan Financing (BGLF) has announced that its shareholders have voted in favour of a manged wind down of the trust.
  • Supermarket Income REIT (SUPR) has refinanced a large portion of its debt. The debt refinancing exercise involved three elements. The first was the cancellation of two shorter-dated debt facilities – a £77.5m secured revolving credit facility (RCF) with Barclays and Royal Bank of Canada, and a £62.1m unsecured debt facility provided by a syndicate of banks. The second was the reduction and extension of an existing £150m RCF with HSBC to a new £50m, secured, three-year RCF with a £75m uncommitted accordion option at a margin of 170 bps over SONIA. And the final element was the completion of a new unsecured £67m debt facility with Sumitomo Mitsui Banking Corporation, for a three year term. The debt facility has two one-year extension options and a margin of 140 bps over SONIA. As a result of the refinancing loan-to-value (LTV) has reduced to 34% (December 2022: 40%) and the weighted average term of debt is now in excess of four years. Over 60% of the company’s debt facilities are now unsecured (December 2022: 48%) and the company has available undrawn committed facilities in excess of £100m. 100% of the company’s drawn debt is now either fixed rate or hedged to a fixed rate, representing a weighted average all-in cost of debt of 3.1%.

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