Picton Property Income Ltd - Extension of Revolving Credit Facility

PR Newswire

22 June 2017

PICTON PROPERTY INCOME LIMITED

(“Picton”, the “Company” or the “Group”)

PICTON COMPLETES EXTENSION OF REVOLVING CREDIT FACILITY (“RCF”)

Picton, the property investment company, announces that it has extended one of its revolving credit facilities (”RCF”) with Santander Corporate and Commercial Banking.

Background

Picton has two revolving credit facilities, one of which expires in 2018 and the other in 2021.  It is the facility with the earlier maturity date that has been extended and will now expire at the same time as the second RCF, in June 2021.

Extension

The extended RCF is initially for £24 million and the annual non-utilisation cost will remain at £0.18 million. Once drawn, the RCF will incur interest payments of 190 basis points over 3 months LIBOR, which is currently close to 2.2% per annum.

The terms of the facility allow for it to be repaid and redrawn over the life of the loan as required. By providing the Company with immediate access to committed but undrawn facilities, Picton is able to act quickly and opportunistically to purchase assets.

In total Picton now has £51 million available and undrawn under these two facilities, and net gearing of 27.4% as at 31 March 2017.

Nick Thompson, Chairman of Picton Property Income, commented: “We are pleased to extend this facility ahead of maturity next year. This balance sheet structure allows Picton to maintain its long-term approach and secure attractive opportunities when identified.”

Andrew Dewhirst, Finance Director of Picton Capital Ltd, commented: “In addition to our long-term financing, having the ability to use our RCFs on a tactical basis will provide the operational flexibility for Picton to implement its portfolio strategy.”

For further information:

Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, james.verstringhe@tavistock.co.uk

Picton Capital Limited
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk

About Picton

Picton is a property investment company established in 2005.   It owns and actively manages a £624.4 million diversified UK commercial portfolio, invested across 53 assets and with around 350 occupiers (as at 31 March 2017). Through an occupier-focused, opportunity-led approach to real estate asset management, Picton aims to be one of the consistently best performing diversified UK property companies listed on the main market of the London Stock Exchange.

For more information please visit: www.picton.co.uk

ENDS