StockMarketWire.com - Ground Rents Income Fund said it had refinanced its existing £19.5m loan with Santander UK to take advantage current low interest rate environment.

The company secured a new five year, £25m facility with Santander comprising a £12.5m term loan and a £12.5m revolving credit facility (RCF) and the loan term extended from its current maturity of November 2021 to January 2025.

The interest rate was reduced from 3.37% on the existing facility to approximately 2.76% per annum generating an interest rate saving of approximately £120K per annum.

'The refinancing with Santander increases net income and reduces risk with longer term debt. The RCF component provides important operational flexibility and capacity to take advantage of opportunities in the market' the company said.




At 9:26am: [LON:GRIO] Ground Rents Income Trust share price was +0.25p at 92.5p



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