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Share Price:
Up 144.60p
Change Today:
3.00p
Market Cap:
899.16m
Sector:
Real Estate Investment Trusts

LXI REIT extends loan facility, reduces interest rate

By Josh White

Date: Tuesday 03 Nov 2020

LONDON (ShareCast) - (Sharecast News) - LXi REIT has made changes to its three term loan facilities with Scottish Widows, it announced on Tuesday, that would reduce the interest rate payable and extend the maturity date.
The FTSE 250 real estate investment trust said the loans would now carry a reduced all-in fixed interest rate to maturity of 2.85% per annum, which was expected to generate a cash saving of about 2m over the extended loan term, which had increased to 13 years for each facility.

As part of the agreement, the firm said the existing security pools had been cross collateralised to provide further diversification to the lender, and enhanced operational flexibility to the group.

The loans previously carried a weighted average all-in fixed rate of 2.94% per annum, and had a weighted average term to maturity of 10 years.

LXi said the level of borrowings under the loans of 170m, and all other commercial terms, remained as before.

No arrangement fee was charged, and no break cost would be incurred.

"We are pleased to have extended the maturity date and reduced the interest rate of our long-term loans," said chief financial officer Freddie Brooks.

"The changes will provide enhanced visibility, operational flexibility and free cash flows for the group.

"We have developed a strong relationship with Scottish Widows and these changes further underline their support for our secure, long dated and well diversified portfolio."

At 0829 GMT, shares in LXi REIT were up 1.56% at 110.29p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LXI Reit Market Data

Currency UK Pounds
Price 144.60p
Change Today 3.00p
52 Week High 148.00p
52 Week Low 103.12p
Volume 523,605
Shares Issued 621.83m
Market Cap 899.16m

Performance Indicators

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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
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LXI Reit Dividends

  Latest Previous
  4th Interim 3rd Interim
Ex-Div 24-Jun-21 25-Feb-21
Paid 16-Jul-21 26-Mar-21
Amount 1.46p 1.44p

Trades for 22-Jun-2021

Time Volume / Share Price
15:44 58 @ 144.60p
15:44 1 @ 144.60p
15:43 82 @ 144.60p
15:43 408 @ 144.60p
15:43 1,000 @ 144.60p

LXI Reit Key Personnel