Big Yellow secures ?35m credit facility with Aviva
By Abigail Townsend
Date: Wednesday 01 Apr 2020
(Sharecast News) - Big Yellow has secured a new debt facility with Aviva, its long-term lender, the self-storage firm said on Wednesday.
The FTSE 250 company, which took the decision the increase its credit lines in January, said it had completed a seven-year debt facility of ?35m at an all-in cost of 1.96% secured over the existing Aviva security pool of 15 stores.
Big Yellow's total debt facilities from Aviva are now ?117.5m, of which ?82.5m will continue to amortise down to ?60m over the remaining seven years of the loan.
"This new facility provides the group with headroom cash and undrawn bank facilities of ?73m," the firm said.
Last week, Big Yellow reported a surge in demand from domestic and student customers as people tried to make room in their home for work and education as lockdown measures came into effect. However, that was outweighed by customers - especially business customers looking to cut costs - moving out.
Big Yellow is winding down construction of three new sites, but as at 1 April the business remained opened, though was operating with fewer staff and with heightened cleaning measures in place. Occupancy is currently 81.6% across 56,000 customers.
As at 0930 BST, shares in Big Yellow were off 3% at 973.0p.
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