Supermarket Income REIT (FTSE:SUPR) has completed a £445 million refinancing across two new facilities, replacing all existing unsecured loan facilities due within the next two years.
The FTSE 250 trust, which holds a £2.1 billion portfolio of UK grocery properties let to leading supermarket operators, structured the deal as a £375 million syndicated facility and a £70 million bilateral facility, split across three-year and five-year tranches, each carrying two one-year extension options.
The average margin across the facilities is 1.18% above SONIA on a drawn basis, delivering an annual interest cost saving of approximately £0.3 million.
Weighted average debt maturity extends from 2.9 years to 3.8 years, with no debt now falling due until June 2028, when 98% of the company's debt is fixed or hedged.
Two new lenders, Lloyds Bank and ABN AMRO, join the existing banking group alongside Barclays, HSBC, ING and Royal Bank of Scotland International.
The weighted average cost of debt stands at 4.4%.
"We continue to access bank finance at attractive rates, underlining the quality of our portfolio, the confidence in our strategy, and the strength of our relationships," said Mike Perkins, chief financial officer.
