By Joe Hoppe
Supermarket Income REIT PLC said Tuesday it had arranged an increase in its revolving credit facility with Wells Fargo & Co., and detailed modifications to another loan and facility.
The UK property investor said it exercised an option on its facility with Wells Fargo, increasing the size by £ 61.3million ($ 84.8million). An additional £ 38.7million of this option is still not drawn. The interest-only secured facility has a residual term of four years, with two additional one-year extension options.
The company said it also increased a guaranteed term loan with DekaBank from £ 20.0million to £ 96.6million for the remaining term of three years. The loan has two other one-year extension options.
An existing revolving credit facility with HSBC Holdings PLC was also extended for one year, for a remaining term of two years, and was increased by £ 10million for a total of £ 150.0million.
“These transactions demonstrate the continued appetite of lenders and provide us with competitively priced debt financing to help us grow as we explore new acquisition opportunities,” said the company’s investment advisor.
Shares at 3:04 p.m. GMT were up 0.25 pence, or 0.2%, to 119.0 pence.
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