Derwent London Plc (LON:DLN) is pleased to announce that it has signed a £100 million unsecured revolving credit facility with Handelsbanken plc, a new lender to the Group. The RCF has an initial five-year term, with two one-year extension options and a £50 million accordion option, each subject to lender consent. The margin and financial covenants are in line with those of the Group’s existing bank facilities.
Damian Wisniewski, Chief Financial Officer of Derwent London, said:
“Handelsbanken is a new lending relationship for Derwent London and I am delighted that we have agreed this facility on terms consistent with those of our existing relationship banks. This reflects the strength of the Group’s business model, strategy and balance sheet, as well as the continued support of the banking market for our business.”
