Covid-19 Impacts PBSA Valuation
27th Jan 2021
Empiric Student Property Plc has announced the successful refinancing of £32.8 million of the Group's existing debt which was due to expire in October 2020.
The facility has been extended by four years to 31 October 2024 with the existing lender AIB Group Plc.
The facility has been agreed at a reduced interest rate of 1.7% per annum above three-month LIBOR, versus 2.25% above LIBOR as previously agreed. The facility remains secured against a portfolio of operating assets and all refinancing for 2020 has now been concluded with the next round not due until November 2022.
The group is due to provide a trading update on Wednesday 6th May when it expects to have much greater clarity on the amount of support that has been requested by its residents regarding their rent and lease obligations for the final semester of the 2019-20 academic year.
Commenting on the deal Lynne Fennah, Chief Financial and Operating Officer of Empiric said: "We are delighted to have successfully refinanced this facility early with existing lender AIB, extending the term by four years on more favourable financial terms, and we look forward to continuing to work with AIB. The Group's next refinancing is not due until November 2022."
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