New Unsecured Term Loan Facility of £10 million
6th March 2017
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Company has agreed a new unsecured term loan facility (the "Facility") of £10 million with First Commercial Bank Limited (acting through its London branch).
The Facility is available to draw down in full over the next 12 months. It is repayable three years from the date of agreement with an all-in cost of 2.15% per annum.
The Facility can be used for general corporate purposes including the financing of the purchase of properties by any Group company to be operated as student accommodation or in refinancing the costs of acquisition of such properties.
Strategic advice on the structure and assistance in arranging the debt was provided by JCRA.
Commenting on the Facility, First Commercial Bank said:
"Empiric has established itself as a leading investor in the highly attractive UK student accommodation market. First Commercial Bank is pleased to provide support for their future growth plans."
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This is the first unsecured loan we have secured at the PLC level which reflects the maturity of the business. The new facility provides the Company with additional flexibility in financing future acquisitions, within our target loan-to-value parameters. This is a new debt funding relationship and we look forward to working with First Commercial Bank in the future."
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
Swan House, 17-19 Stratford Place, London W1C 1BQ
+44 (0)20 3828 8700
+44 (0)20 7379 5151
Managing Director, Corporate Broking
Jefferies International Ltd
+44 (0) 20 7029 8000