Picton has completed a new £50m revolving credit facility (RCF) with NatWest.
The RCF, which was due to mature on 26 May 2025, has been refinanced with an initial term of three years and the option of two one-year extensions.
Interest is charged at a margin of 165 bps above SONIA on the first £25m and 170 bps thereafter.
The RCF is undrawn and the remainder of the company’s borrowings of £210m are fixed at an average interest rate of 3.7% per annum with the earliest maturity in 2031.
Saira Johnston, CFO of Picton, said: “We are delighted to have completed this refinancing with NatWest and continue our strong ongoing relationship with the team. The RCF will continue to provide operational flexibility and future investment opportunity.”
