The Company was advised on the Facility by Rothschild & Co. The weighted average cost of debt will be 4.2 per cent, which reduces to an effective cash cost of 3.3 per cent after taking into account the interest income on cash deposits and the benefit of interest rate hedging. As a result, the weighted average maturity of drawn debt will be extended to 5 years. The proceeds of the Facility will be used to repay in part the £576 million unsecured loan which was drawn in April 2023 to fund the repayment of the Shaftesbury PLC secured bonds. This financing demonstrates a continuation of the strong relationship with Aviva Investors and underlines the attractiveness of the Company’s property portfolio to a broad range of institutional capital. The additional financing has been priced with reference to 10-year UK gilt yields and when blended with the existing Carnaby term loans, the annual cash interest rate in respect of the overall amount of £450 million of secured term loans with Aviva Investors will be 4.7 per cent.Īs part of the financing agreement, the Company and Aviva Investors will consider the future inclusion of specific sustainability-related metrics into its terms, ensuring that the Facility is aligned with Aviva Investors’ Sustainable Transition Loan Framework. The Facility will sit alongside the existing secured term loans with Aviva Investors of £130 million and £120 million maturing in 20 respectively, which share in the asset security of the Carnaby estate. Reporting by Josh White for Capital PLC (LON:SHC) has announced to the market that it has signed an agreement with Aviva Investors, the global asset management business of Aviva plc, for a new 10-year loan of £200 million, secured against a portfolio of assets within the Carnaby estate. “We are pleased to have extended our relationship with Aviva Investors through the new long-term financing of £200m, which enhances the company's debt maturity profile and highlights the attractiveness of our exceptional portfolio,” said chief financial officer Situl Jobanputra. Taking into account the interest income on cash deposits and the advantages of interest rate hedging, the effective cash cost was anticipated to be 3.3%. That initial loan was used to facilitate the repayment of the Shaftesbury plc secured bonds.Īs a result, the move would extend the weighted average maturity of the drawn debt to five years.Īdditionally, it would lead to a reduction in the weighted average cost of debt to 4.2%. Shaftesbury said the proceeds generated from the facility would partially repay a £576m unsecured loan that was drawn in April. When combined with the pre-existing Carnaby term loans, the annual cash interest rate for the cumulative secured term loans of £450m with Aviva Investors was projected to be 4.7%.
The additional funding had been strategically priced with reference to 10-year UK gilt yields. It said the newly-established facility would complement its existing secured term loans from Aviva Investors, valued at £130m and £120m and set to mature in 20, respectively.īoth of those existing loans shared the asset security linked to the Carnaby estate. The FTSE 250 company said the agreement entailed a 10-year loan worth £200m, backed by a portfolio of assets within the Carnaby estate.
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