British Land signs €835m revolving credit facility

British Land has signed a £735 mln (€835 mln) unsecured Revolving Credit Facility (RCF) at an initial margin of 90 bps with a syndicate of 12 banks.

The facility has a maturity of five years which may be extended by a further two years on British Land’s request and on each bank’s approval for its participation.

It represents an amendment and extension of the £785 mln RCF signed in April 2014 at an initial margin of 115 bps, and includes British Land’s standard unsecured financial covenants.

'This flexible facility is the latest example of our financing and debt management activity,' said Sarah Barzycki, group treasurer, British Land. 'It provides improved liquidity at reduced cost, extending the term of our diverse debt portfolio. We are very pleased with the level of support received from our relationship banks on this transaction.'

Participating banks in the syndicate are: Lloyds Bank; Sumitomo Mitsui Banking Corporation, London Branch; Wells Fargo Bank, N.A. London Branch; MUFG Bank; Santander UK PLC; Barclays Bank PLC; Bank of China Limited, London Branch; Royal Bank of Canada; The Royal Bank of Scotland; BNP Paribas, London Branch; Credit Agricole Corporate and Investment Bank; and Credit Industriel et Commercial, London Branch.

Lloyds Bank acts as facility agent.


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