Business
Expansion of Revolving Credit Facility
Expansion of Revolving Credit Facility.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n 14 September 2022\n \n \n \n Residential Secure Income plc\n \n (\"ReSI plc\" or the \"Company\")\n \n \n \n Expansion of Revolving Credit Facility\n \n \n \n Residential Secure Income plc (ReSI plc) (LSE: RESI),\n \n which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns\n , is pleased to announce that it has agreed a £15mn expansion of its £10mn revolving credit facility with Santander UK plc.\n \n \n The expansion comes with an interest rate margin reduction of 55 basis points, from 2.80% to 2.25%, as well as a one-year extension of the facility termination date to March 2025.\n \n \n The expanded £25.0mn facility capacity and reduced interest rate margin allow for more efficient management of the Company's working capital and provide lower-cost bridge financing for future investments.\n \n \n \n Ben Fry, Managing Director of Housing at Gresham House, and Fund Manager of ReSI plc, said:\n \n \n \n \"This facility increases our flexibility and as such is a critical component of ReSI's growth plans. It gives us an attractive source of bridge financing as housing associations continue to seek to unlock capital for future development. We are pleased to continue our partnership with Santander in this way.\"\n \n \n \n Jon Bowring, Head of Professional & Financial Services for Corporate & Commercial Banking, Santander UK, added:\n \n \n \n \"We are pleased to increase our support to ReSI plc structured in a way that supports ongoing portfolio growth and the needs of the business. This further demonstrates our commitment to the UK affordable housing sector and to growing our relationship with ReSI plc.\"\n \n \n \n \n \n \n - ENDS -\n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n Gresham House Real Estate\n \n \n \n Ben Fry\n \n \n Brandon Holloway\n \n \n \n \n \n \n \n \n \n \n +44 (0) 20 7382 0900\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Peel Hunt LLP\n \n \n \n Luke Simpson\n \n \n Huw Jeremy\n \n \n \n \n \n \n \n \n \n \n +44 (0) 20 7418 8900\n \n \n \n \n \n \n KL Communications\n \n \n Charles Gorman\n \n \n Charlotte Francis\n \n \n Millie Steyn\n \n \n \n \n \n \n [email protected]\n \n \n \n \n +44 (0) 20 3995 6673\n \n \n &nbs...