Supermarket Income REIT (SUPR) has refinanced its existing loan facilities with Bayerische Landesbank (BLB) with a new three-year, £86.9m term loan.
This secured, interest-only, loan replaces the three existing tranches with BLB totalling £86.9m. SUPR said the new facility matures in March 2026 and is priced at a margin of 1.65% above SONIA which has been fully hedged for the term of the facility using an interest rate swap to a fixed rate of 4.29% (including margin).
The £2.8m cost of the hedging instrument for the new facility was covered by the £3.3m of proceeds received from the termination of the previous hedging instrument in place for the existing facilities.
Ben Green, director of Atrato Capita, the investment adviser to Supermarket Income, said: “We are pleased to continue our relationship with Bayerische Landesbank which has been a key debt funding partner to the company. Refinancing all of the existing facilities with BLB has allowed the company to extend the term to three years and achieve a competitive cost of finance.”
