Santander Global, Others Arrange Land Securities Facility
Land Securities announced a new GBP 1,255m secured revolver at an initial LIBOR margin of 75 basis points with stepped margin increases dependent on utilisation amounts. The facility has a term of five years, which may be extended to a maximum of seven years at Land Securities’ request and upon approval from each participating bank.
The syndicate consists of eight banks. Lloyds Banking Group, Santander Global Banking and Markets, Royal Bank of Scotland and HSBC Bank were bookrunners and mandated lead arrangers; Citibank acted as mandated lead arranger and Sabadell Bank, Bank of China and UBS were lead arrangers. Lloyds Banking Group also acted as facility agent and coordinator.
The facility has the option to add further lenders and discussions will continue with other interested parties.
The new facility replaces the existing GBP 1,085 million syndicated RCF. In addition to this new facility, Land Securities has retained another GBP 985m of existing bilateral arrangements.
Martin Greenslade, CFO at Land Securities said, “We are pleased with this new refinancing arrangement, which extends the duration of our bank facilities, reduces costs and provides great flexibility. Our strong relationships with our core banking group, combined with our clear and consistent strategy have been the key elements in achieving these competitive terms.”
Land Securities is one of the UK’s largest listed commercial property company and a member of the FTSE 100.