17 October 2023
TRITAX BIG BOX REIT PLC
(the “Company“)
New £500m Sustainability-Linked Revolving Credit Facility
Tritax Big Box REIT plc, a UK leader in high-quality logistics real estate, is pleased to announce that it has signed a £500 million sustainability-linked unsecured revolving credit facility (the “New RCF“) with a syndicate of its existing relationship banks and new lenders.
The New RCF has an initial five-year term which may be extended to a maximum of seven years at the Company’s request, subject to lender consent. The New RCF also contains an uncommitted £200 million accordion option.
The New RCF is fully available for general corporate purposes and is being used to refinance the Company’s existing £450m revolving credit facility, which was due to mature in December 2024 (the “Existing RCF“).
The New RCF will help to support the Company’s future investment and development activities and retains the same pricing as the Existing RCF, with an opening margin of 120bps.
The New RCF incorporates four sustainability-linked performance KPIs which align with our updated ESG targets and sustainability strategy. The KPIs specify any new developments should have a minimum BREEAM certification, a reduction in embodied carbon and a minimum biodiversity net gain within the development footprint. It also specifies that EPC ratings should be improved across the investment portfolio. The Company has the opportunity to improve the margin, subject to performance against these KPIs.
Following the refinancing, the average debt maturity across the Company’s loan arrangements extends from 4.6 years to 5.4 years, the Company has more than £450 million of available liquidity and 95% of drawn debt is either fixed or hedged.
The syndicate for the New RCF comprises ABN AMRO BANK N.V, Bank of China Limited, London Branch, Barclays Bank PLC, BNP Paribas, London Branch, China Construction Bank Corporation, London Branch, JPMorgan Chase Bank N.A., London Branch, Santander Corporate & Investment Banking (Santander CIB), SMBC Bank International PLC and The Royal Bank of Scotland International Limited, London Branch.
Barclays Bank PLC acted as Agent and Documentation Coordinator for the New RCF. BNP Paribas, London Branch and Santander Corporate & Investment Banking (Santander CIB) acted as the Joint Sustainability Coordinators for the New RCF.
The Company was advised on the transaction by Lazard & Co., Limited.
Frankie Whitehead, Partner and CFO for Tritax Big Box REIT plc, commented:
“We are pleased to announce our new sustainability-linked revolving credit facility. This transaction is a significant milestone, following our inaugural Green Bond issue in 2021, and reinforces our intent to continue to align the Company’s financing with its sustainability objectives. The new facility further enhances our strong balance sheet and provides additional flexibility to finance our strategy. We are delighted with the continued support of our core relationship lenders as well as the participation of new lenders in the facility.”
Alan Somerville, ESG Director for Tritax Big Box REIT plc, commented:
“This new RCF exemplifies our strong leadership in sustainable logistics. Our ambitious targets underline our commitment to deliver strong, sustainable growth as a forward-thinking, responsible Company.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| Tritax GroupFrankie Whitehead (CFO) Tel: +44 (0) 20 7290 7522Ian Brown (Head of Corporate Strategy & Investor Relations) Kekst CNC (Communications Adviser)Neil MaitlandTom Climie Tel: +44 (0) 7971 578 507tritax@kekstcnc.com |