Big Yellow, the self-storage company, has signed a new £190m bank line with a four year tenor. The new deal, provided by HSBC, Lloyds Banking Group and Santander, is split into a £140m term loan and a £50m revolving facility.
The loans have a ratcheted margin over Libor linked to interest cover, with the initial blended margin at the lowest notch available (for an income cover over three times) of 240bp. The total fees are around £3.2m. The new loans replace a £225m deal expiring in September next
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