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Great Portland Estates signs £450M unsecured revolving credit facility

Great Portland Estates PLC obtained a £450 million unsecured revolving credit facility due October 2023 from six of its existing relationship banks, at a headline margin of 92.5 basis points over the London interbank offered rate.

The facility has an initial five-year term, subject to an extension of up to seven years, and is an amendment and extension to the British property developer and investor's £450 million facility due October 2021, with a headline margin of 105 basis points.

Following the redemption of its £150 million convertible bond and the latest deal, the company has no group-level debt maturities until the initial expiry of the new revolver.

NatWest, Santander Corporate & Investment Banking, Wells Fargo, Lloyds Bank PLC, Crédit Agricole CIB and Bank of China participated in arranging the new facility.