- London and southeast England office and industry property investor McKay Securities said it had signed a new secured £180m revolving credit facility with a maturity of five years.

The facility replaced three current bilateral facilities totaling £125m and was agreed with Lloyds Bank, Barclays, NatWest and Santander.

The new refinancing, coupled with a £65m fixed facility already held with Aviva, increased McKay's total debt facilities from £190m to £245m.

'This provides the group with £80m of firepower over current drawings to support operational flexibility, deliver further portfolio initiatives and give wider scope for new investments,' the company said.

The company was currently £165m drawn on its existing facilities.

With the benefit of the new facility, the initial weighted average cost of debt -- prior to amortisation of fees -- at current rates would be 3.2%, reducing to 3.0% if fully drawn.

Story provided by