StockMarketWire.com - Property investment business CLS said it had completed a £154m loan with Aviva Investors.

The loan was secured on a portfolio of 12 UK properties and replaced three existing loans of £67 million, which were due to expire in 2020 and 2021, resulting in net additional cash to CLS of £86 million, CLI said. Gearing would remain unchanged at about 35%.

The £154 million loan, which had a loan to value of 55%, was split in equally between 10-year and 12-year tranches with an average fixed interest rate of 2.62%.

'The loan has been independently assured as a "green loan" in line with LMA sustainability principles with up to a 10-basis point margin reduction dependent on the delivery of specific sustainability targets,' the company said.

'Weighted average debt maturity will increase from 3.1 years as at 30 June 2020 to 4.5 years on a pro forma basis. The additional funds will increase CLS' cash reserves and allow for the evaluation of further acquisition opportunities.'




At 8:04am: [LON:CLI] Cls Holdings PLC share price was -0.75p at 213.25p



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