IN BRIEF: Savills completes refinancing of bridge loan for acquisition
Savills PLC - London-based real estate services provider - Completes refinancing of the bridge loan facility that Savills took out to fund its GBP827 million acquisition of Eastdil Secured Holdings LLC in March. Savills agrees to issue USD350 million in new unsecured fixed-rate private placement notes. The dollar-denominated notes have 3, 5, 7 and 10-year maturities and the same financial covenants as Savills's other unsecured debt. They are placed with six institutional investors, whom Savills doesn't name. Three are new lenders to Savills.
Combined with a USD450 million three-year term bank loan, the entire USD800 million bridge facility has now been refinanced at an all-in interest rate of 5.7%, in line with the company's expectations for 5.5% to 6.0%. "We remain focused on our strong cash generation and expect the net debt to [adjusted earnings] ratio to be about 1.0 times at the end of 2027," says Chief Financial Officer Nick Sanderson.
Eastdil Secured is a real estate investment bank operating from 20 offices across the US, Europe and Asia.
Current stock price: 1,026.00 pence for GBP1.78 billion market capitalisation
12-month change: up 3.4%
By Tom Waite, Alliance News editor
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