LondonMetric refinances £1.5bn of unsecured debt, extending maturity profile to 4.4 years

LondonMetric's £1.5 billion refinancing covers its core unsecured debt, structured across four tranches: a £297.5 million 2-year term loan; a £297.5 million 3-year term loan; a £235 million 4-year RCF; and a £670 million 5-year RCF (all with two plus one year extension options). The transaction materially removes refinancing risk until 2029, saves £6 million per annum and diversifies LondonMetric's lender base, adding two new relationship banks to its existing group of eight. LondonMetric Property (UK REIT; primarily industrial/logistics and long-income assets post-merger with LXi REIT; £7.4 billion portfolio value); Ten lending banks (eight existing, two new; unnamed). The refinancing itself: £1.5 billion of new unsecured facilities structured as two term loans and two revolving credit facilities with two plus one year extension options at each maturity.