StockMarketWire.com - NewRiver REIT has arranged £430 million of new unsecured debt facilities, to replace the majority of its secured debt facilities.

NewRiver said the refinancing exercise will provide the company with a reduced cost of debt, increased flexibility and an increased debt maturity.

The new facilities include a £165 million term loan and a £215 million revolving credit facility (RCF), with an initial maturity of five years which can be extended to a maximum of seven years, subject to lender consent.

The remaining £50 million is a term loan with a maturity of 18 months, providing the company with the ability to further diversify sources of unsecured debt funding in due course.

Mark Davies, chief financial officer, said: "This unsecured refinancing marks a significant milestone for the company, and further demonstrates the benefits of our conservative financial policies, low financial gearing and increased scale.

"We remain focused on delivering growing and sustainable cash returns to our shareholders, and this refinancing further enhances our already efficient operating platform. Importantly, we have been able to achieve all of this with minimal breakage costs and by utilising the strong banking relationships we have established over many years."


At 8:04am: [LON:NRR] NewRiver Retail Ltd share price was -0.55p at 339.45p



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