Tritax Big Box REIT Plc's board priced senior unsecured notes in an aggregate principal amount of £500 million under its £1.5 billion euro medium-term note program.
The company also proposed a new £350 million unsecured revolving credit facility with its core lender group and selected new lenders.
The notes issue and credit facility are meant to repay a majority of the company's secured debt, including a full repayment of an existing £550 million secured syndicated facility due October 2020 as well as the £7.0 million and £11.6 million Helaba facilities due November 2019.
The notes will be issued in two tranches, comprising £250 million senior unsecured notes maturing Dec. 14, 2026, and £250 million senior unsecured notes maturing Dec. 14, 2031. The notes are expected to be issued Dec. 14 and admitted to the Irish Stock Exchange's Official List and to trading on the Global Exchange Market of the Irish Stock Exchange, subject to customary conditions.
The 2026 notes will bear interest at a rate of 2.625% per annum and the 2031 notes will have interest at a rate of 3.125% per annum.
The unsecured revolving credit facility has a term of five years and a two-year extension option. It also has an uncommitted £200 million accordion option. The facility is expected to be entered into shortly before the Dec. 14 issue of the notes, subject to customary conditions. The facility has an opening margin of 1.10% per annum over LIBOR.
Barclays Bank PLC, HSBC Bank plc and The Royal Bank of Scotland plc are the joint active book runners for the notes issuance. Wells Fargo Securities International Ltd., Banco Santander SA, BNP Paribas and ING Bank NV are the co-managers.
The revolving facility's syndicate comprises Barclays Bank PLC, BNP Paribas London Branch, HSBC Bank plc, ING Bank NV London Branch, The Royal Bank of Scotland plc, Santander UK plc and Wells Fargo Bank NA London Branch as book runners and mandated lead arrangers, with Barclays Bank PLC acting as agent. The company was advised by Lazard & Co. Ltd. on the refinancing.
