The PRS REIT plc announced that it has completed the refinancing of its £150 million revolving credit facility ("RCF") provided by The Royal Bank of Scotland plc ("RBS") and Lloyds Banking Group plc. The RCF had been originally due to mature in February 2023 and was extended on substantially the same terms to mid-July 2023 (with an option to extend until October 2023). The Board views the refinancing as having been completed on attractive commercial terms in light of the current interest rate environment.

The Investment Manager has secured a £102 million facility of fixed-rate debt for 15 years, together with a further £75 million of floating-rate debt agreed for two years, providing the Company with the flexibility to refinance this element over that period. An interest rate cap will be put in place on the floating rate debt to hedge against downside risk on further interest rate movements. These new facilities have been established with Legal and General Investment Management and RBS respectively.

The Investment Manager will immediately deploy almost two-thirds (£115 million) of the total debt, specifically the entire £102 million fixed-rate facility and £13 million of the floating-rate facility, to fund already completed and stabilised sites. The balance of £62 million of floating-rate debt is expected to be drawn down to fund sites completing and stabilising before calendar year 2024.