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 £80 million, which is fully drawn. The loan expires in July 2027 and 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 £90.1 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. £25 million is currently drawn under the facility.
As at 30 September 2018, Picton's overall debt structure can be summarised as follows:-
- Total drawn debt of £194.3 million
- Net gearing 25.5%
- Average debt maturity of 10.3 years
- Weighted average interest rate of 4.0% (87% fixed)
- £26 million of undrawn facilities
If you would like to receive more frequent communication from Picton, including market views and our quarterly investor updates, please subscribe to our mailing list.