Business
LONDONMETRIC REFINANCES £1.5BN OF DEBT FACILITIES
LondonMetric Property Plc has successfully refinanced £1.5 billion of unsecured debt facilities, comprising £1.3 billion syndicated and £200 million bilateral loans, which are set to mature over the next four years. This refinancing is expected to generate an annualised cash saving of approximately £6 million and significantly reduces refinancing risk until FY 2029. The new facilities, which include two plus one-year extension options, feature a lower average margin of 105bps and reduced commitment fees, enhancing the company's weighted average debt maturity to 4.4 years. Following this, only £186 million of debt matures in the next two years, to be covered by sales or undrawn facilities. Disclaimer*
About this update from Londonmetric Property Plc
[{"type":"text","content":"\n\n19 March 2026\nLONDONMETRIC PROPERTY PLC\nLONDONMETRIC REFINANCES £1.5 BILLION OF DEBT FACILITIES\n \nLondonMetric Property Plc (\"LondonMetric\") is pleased to announce the refinancing of £1.5 billion of unsecured term loans and revolving credit facilities ('RCFs').\nThe two new facilities (£1.3 billion syndicated and £200 million bilateral) replace nearly all of the existing unsecured facilities that mature over the next four years, and the refinancing materially enhances LondonMetric's debt structure by:\n· Delivering an expected annualised cash saving of c.£6 million;\n· Diversifying its lender base with two new lenders added to the eight existing;\n· Improving LondonMetric's weighted average debt maturity; and\n· Removing material refinancing risk until FY 2029. \nThe £1.5 billion of new facilities benefit from two plus one year extension options and comprise:\n· £297.5 million term loan for a two-year term;\n· £297.5 million term loan for a three-year term;\n· £235.0 million RCF for a four-year term; and\n· £670.0 million RCF for a five-year term.\nThe average margin on the new facilities is 49bps lower at 105bps (drawn basis) and average commitment fees are 19bps lower.\nFollowing LondonMetric's December 2025 public bond issue and alongside other recent debt activity, this refinancing increases LondonMetric's average debt maturity to 4.4 years compared to 4.2 years as at 30 September 2025, despite the passing of six months.\nFollowing the refinancing, only £186 million of debt expires over the next two years, which will be met from sales and/or c.£0.5 billion of undrawn debt facilities.\nBarclays Bank PLC and National Westminster Bank PLC acted as Joint Co-ordinators and Bookrunners on the £1.3 billion syndicated facility.\nMartin McGann, Chief Financial Officer of LondonMetric commented:\n\"This refinancing significantly enhances our capital structure, reduces our cost of debt and further strengthens our diverse lender relationships. The structure supports our wider funding strategy as we look ahead to further potential debt capital markets issuance, continued dis...