BMO Commercial Property unit closes £100 million term loan, revolver

By Marisa Wong

Los Angeles, Oct. 12 – BMO Commercial Property Trust Ltd. said subsidiary SCP Estate Holdings Ltd. has executed a new £100 million term loan and revolving credit facility agreement with Barclays Bank plc.

This is an extension of a previous £50 million term loan and £50 million undrawn revolver with Barclays due to expire in June 2021. The new facility matures July 2022 with the option of two further one-year extensions, according to a news release.

The interest rate is Libor plus 185 basis points, and the commitment fee on the undrawn amount is 74 bps. Previously, the interest rate was Libor plus 150 bps, and the fee was 60 bps.

As of June 30, the company’s loan to value was 22.9%.

The revolver is expected to remain undrawn in the near term, but upon satisfaction of some conditions to drawdown, it will provide the company with some additional liquidity, the company said.

The commercial property investment trust is based in London.

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