Segro gets expanded €440 million five-year multicurrency facilities

By Susanna Moon

Chicago, Nov. 4 - Segro plc said it closed €440 million (£380 million) of five-year revolving multicurrency facilities at Libor plus 160 basis points with a group of core banks.

Interest may be reduced to Libor plus 150 bps if gearing is below 75%, according to a company press release.

Proceeds were used to refinance the company's £270 million syndicated bank facility, set to mature in January 2013.

The other terms and conditions are identical to those contained in the group's other bank financings, the release noted.

Barclays Capital, HSBC Bank plc, Lloyds Banking Group, Royal Bank of Scotland plc and Santander UK plc are the lead arrangers and bookrunners. Bank of America Securities Ltd., BNP Paribas and J.P. Morgan Ltd. are lead arrangers. Barclays Capital was the coordinator of the facilities.

"This refinancing provides Segro with considerable flexibility over the next five years and further strengthens our already-robust funding position," Justin Read, Segro's finance director, said in the release.

"We are very pleased that a strong group of banks has supported us in increasing the committed bank facilities available to the group, particularly since it has been done at broadly comparable all-in cost to the facility being replaced. With this new five-year financing now in place, the group has no further significant refinancing needs before 2014."

Segro is a developer and owner of industrial space and is based in Berkshire, England.

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