Business
Agreement of new debt facilit
Agreement of new debt facilit.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n RNS Number : 9002C Local Shopping REIT (The) PLC 08 September 2008 \n \n8 September 2008\n\nTHE LOCAL SHOPPING REIT PLC\n('LSR' or the 'Company')\n\nTHE LOCAL SHOPPING REIT PLC ANNOUNCES\nAGREEMENT OF NEW £60 MILLION DEBT FACILITY\n\n\nThe Local Shopping Reit plc (LSE:LSR), a UK real estate investment trust focused on investments in local shopping assets, is pleased to announce that it has restructured one of its existing facilities with HSBC, which will provide it with increased flexibility and enhance its ability to identify and act upon opportunities in the market place. \n\nThe new £60 million facility supersedes the existing £75 million facility with HSBC, which was required to be fully drawn by April 2009. The new facility comprises a £25 million term loan and a £35 million revolving credit facility, both expiring in October 2016. The interest rate margin varies depending on the loan to value ratio up to 160 basis points above LIBOR.\n\nAs at 5 September 2008, LSR's net debt was £115.5 million at an average interest rate of 5.6%.\n\nCommenting, Mike Riley, Joint Chief Executive, LSR, said:\n\n 'Restructuring this loan provides us with greater flexibility in preparation for the opportunities that we expect to arise in the market. We are also very pleased with and encouraged by the continuing support from HSBC in its capacity as our principal bank.'\n\n\nFor further information please contact:\n\nThe Local Shopping Reit plc \nMike Riley \n+44 (0)20 7292 0310 \n\n\nFinancial Dynamics \nStephanie Highett/Richard Sunderland/Jamie Robertson \n+ 44 (0)20 7831 3113 \n\nAbout The Local Shopping REIT\n\nThe Local Shopping REIT plc ('LSR') is the first specialist start-up Real Estate Investment Trust ('REIT') to launch in the UK. \n\nAlready a major owner of local retail property, the Company is building a portfolio of local shops in urban and suburban areas, investing in neighbourhood and convenience properties throughout the UK. Typical of the portfolio are s...