- Lok'nStore has agreed a two year extension on its existing banking facility with Royal Bank of Scotland.

The £40m five year revolving credit facility which was executed last year included an extension option which has been implemented.

The facility which was due to expire in January 2021, will now run until January 2023 providing funding for more landmark site acquisitions and working capital.

The £40m five year revolving credit facility set the interest rate margin at the London Inter-Bank Offer Rate (LIBOR) plus 1.40%-1.65% based on a loan to value covenant test.

This rate is 1.40% currently and the all in debt cost on £28.8m drawn averaged 1.7% in the last five months.

Bank covenants and margin are unaffected by this extension of term.

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