Grainger plc (LON:GRI), the UK’s largest listed residential landlord and leader in Build to Rent, has announced that it has agreed an extension on £540m of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest.
The extensions further strengthen the company’s balance sheet with weighted average facility maturity including extension options increasing to 4.6 years.
The extensions were agreed at lower margins, resulting in an annual saving of c.£1m in finance costs.
This is in line with Grainger’s previously stated plan to deleverage by £300-350m by FY29, targeting an LTV of 30% and Net Debt to EBITDA of 8x.
