Taylor Wessing has advised Tritax Big Box REIT plc (TBBR) on a new five year £500 million secured debt facility with a syndicate of four lenders.
The Facility comprises a £320 million Term Loan which will be drawn in full immediately, a further £80 million Term Loan available to draw up until the first anniversary of the Facility, and a £100 million Revolving Credit Facility which includes a £10 million Overdraft component.
The Facility will refinance £253.34 million of the TBBR group’s existing debt currently provided by Barclays Bank PLC and Santander UK plc. The TBBR group’s existing loans with Helaba, on which Taylor Wessing also advised, will remain outside the Facility and are unaffected.
The drawing of the initial Term Loan will increase the TBBR group’s loan to value ratio to approximately 35%and the Facility extends the group’s average unexpired loan term to five years.
The syndicate for the Facility consists of Barclays Bank PLC, Helaba, Wells Fargo Bank, N.A. and ING Real Estate Finance (UK) B.V., who also acted as mandated lead arrangers. Barclays Bank PLC will act as co-ordinator, facility agent, book runner and Security Agent for the Facility.
Martin Yells, Finance partner who led the Taylor Wessing team said:
“We are delighted to have advised TBBR on this financing. The Facility provides substantial operational flexibility and allows TBBR to draw against both income producing properties and its current and future forward funded investment properties. The transaction involved a corporate reorganisation, which required careful coordination of a complex completion process. TBBR has experienced exceptional growth since it was formed less than 2 years ago, which Taylor Wessing has supported throughout. The Facility is an important step in allowing that growth to continue “
Colin Godfrey, Partner of Tritax, commented:
“The Facility will provide the debt resource needed to support our ongoing growth plans, building upon our strong financial performance. It is a significant deal for Taylor Wessing to have advised on, and the Taylor Wessing team all worked very hard to achieve a great result for TBBR”.
The Taylor Wessing team comprised Martin Yells (partner, Finance), Will Belcher (partner, Corporate Finance), Peter Jackson (partner, Tax), Alan Evans (partner, Real Estate), Emma Oakley (partner, Real Estate), Christina Kelly (senior counsel, Finance), Jane Hilton (senior associate, Real Estate), Jill Hamilton (senior associate, Construction), Amy Coburn (associate, Corporate Finance), Andrew Sterling (associate, Corporate Finance) and Caylie Maybour (associate, Finance)
