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abrdn Property Income Trust extends term loan, revolver by three years
By Marisa Wong
Los Angeles, Oct. 14 – abrdn Property Income Trust (API) has completed an extension to its borrowing arrangements with the Royal Bank of Scotland International (RBSI).
API currently has two facilities with RBSI, a £110 million term loan and a £55 million revolver, of which £17 million is drawn currently but which will shortly be repaid from the proceeds of a recently completed asset sale. Both facilities are due to expire in March 2023.
API has agreed to a new facility with a three-year tenor, consisting of a term loan of £85 million and a revolver of £80 million. The new facility will start in March 2023 with a margin of 150 basis points over Sonia for both the term loan and the revolver.
The company intends to fully draw the term loan at closing. The revolver will be used to provide liquidity for the company.
The company has entered into a forward interest rate swap on the full amount of the term loan. The revolver will have a floating rate based on Sonia. The cost of the swap is 5.47%, giving an all-in rate of 6.97% on the £85 million borrowed under the term loan.
The real estate investment trust is based in the United Kingdom.
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