Picton has principally long term fixed rate borrowings, with additional flexibility provided through shorter term revolving credit facilities.
The Group has a loan with Canada Life Limited for £113.7 million, which is fully drawn. The loan expires in July 2027, with £33.7 million repayable in July 2022. Interest is fixed at 4.08% over the life of the loan.
Additionally, the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £90.65 million, which was fully drawn in July 2012. The loan matures in July 2032, with approximately one third repayable over the life of the loan in accordance with a scheduled amortisation profile. Interest on the loan is fixed at 4.38% over the life of the loan.
The Group has two revolving credit facilities with Santander which provide access to £51 million of committed funds. If drawn, interest will be charged at 190 and 175 basis points respectively over the 3 month LIBOR. £12.5 million was drawn in August 2017.
As at 30 June 2017, Picton's overall debt structure can be summarised as follows:-
- Total drawn debt of £204.4 million
- Net gearing 27.0%
- Average debt maturity of 11.5 years
- Weighted average interest rate of 4.2% (fixed)
- £51 million of undrawn facilities
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