(Alliance News) - Great Portland Estates PLC on Tuesday said it signed a new GBP250 million unsecured term loan at a headline margin of 175 basis points over sterling overnight index average with three existing relationship banks.
The London-based property developer said the loan has an initial three-year term which may be extended to a maximum five years at its request.
It added that it plans to incorporate environmental, social & governance-linked key performance indicators into the loan to align with its existing GBP450 million ESG-linked revolving credit facility.
Great Portland corporate finance and tax manager Holly Reynolds said: "We are delighted to have arranged this financing with three key relationship banks. Despite more challenging debt markets, this new loan demonstrates the strong support that we have from our lenders for the clarity and ambition of our business model and our collective belief in the enduring appeal of London to both customers and investors."
Great Portland shares were 0.4% lower at 407.00 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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