LONDON (ShareCast) - (ShareCast News) - Industrial property investor SEGRO announced on Wednesday that it has agreed amended bank facilities totalling €780m (£614m).
The FTSE 250 firm said the facilities comprise a €610m syndicated revolving credit facility and two bilateral revolving credit facilities of €100m and €70m each.

It said the net impact of the changes is €110m increase in the unsecured committed bank facilities available to SEGRO, and an increase in their weighted average maturity from 25 months to 57 months - with an option to extend the €610m facility by a further 24 months.

Based on its currently-forecast gearing level at 30 June, the margin payable under all three amended facilities will be 95 basis points, which SEGRO said is 27 basis points lower than the average bank margin payable immediately prior to the refinancing.

"This refinancing makes our committed bank facilities more cost effective, and smoothes and extends our debt maturity profile," said group finance director Justin Read.

"The restructured facilities also provide an appropriate level of funding to support the ongoing delivery of our development strategy, whilst ensuring that SEGRO continues to maintain a strong liquidity position.

"We are grateful for the on-going support of our relationship banks and we look forward to continuing to work with them in the future."

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