The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed a new long-term, interest only, fixed rate term loan facility of £72 million with Canada Life Investments (the "Facility"), secured against a portfolio of three standing assets.
The Facility, which will be drawn in full immediately, is repayable on 30 April 2029 and has a fixed all-in rate payable of 2.64% per annum. The amounts drawn down under the Facility will be segregated and non-recourse to the Company.
The Facility extends the Group's weighted average unexpired loan term from 4.4 years to 5.3 years and increases the Group's loan to value ("LTV") ratio to approximately 33%.
Colin Godfrey, Partner of Tritax, commented: "This Facility provides attractive, long-term, fixed rate debt financing and we are delighted to welcome Canada Life as a new lender to the Group. The Board continues to seek to optimise the capital structure of the Company to ensure both longer and shorter term facilities can be employed as appropriate to underpin our dividend and support our growth plans."