Bank of China contributes to €610 million EUR syndicated revolving credit facility for SEGRO for refinancing purposes

Project narrative

In May 2016, SEGRO has agreed amended bank facilities totaling €780 million EUR (£614 million GBP), securing a 95 bps margin across three facilities which comprise a €610 million EUR syndicated revolving credit facility and two bilateral revolving credit facilities of €100 million EUR and €70 million EUR each, with extended maturities and an £87m increase in unsecured committed bank facilities The net impact of the changes is a €110m (£87m) increase in the unsecured committed bank facilities available to the group and an increase in its weighted average maturity from 25 months to 57 months (with an option to extend the €610m facility by a further 24 months). Based on the group’s forecast gearing level at June 30, 2016, the margin payable under all three amended facilities will be 95 basis points. The banking syndicated consisted of Bank of China (BOC), Barclays Bank, BNP Paribas, Bank of America Merrill Lynch, HSBC Bank, Lloyds Bank, KBC Bank, the Royal Bank of Scotland, Santander, and, Wells Fargo. The refinancing was self-arranged by SEGRO. The Royal Bank of Scotland acted as documentation coordinator and HSBC Bank was agent for the €610 million EUR facility. Concurrently, SEGRO cancelled a €235 million EUR bank facility which was due to mature in May 2018.