Panmure Liberum acted as Sole Debt Advisor to Sirius Real Estate Limited to secure a €150m revolving credit facility
We are pleased to announce that Panmure Liberum has acted as Sole Debt Advisor to Sirius Real Estate on securing a €150m revolving credit facility with a €100m accordion feature, provided by a club of 3 banks.
Sirius Real Estate Limited (“SRE”) is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK. The new Revolving Credit Facility provides additional resources for acquisitions and allows for efficient cash management of the group.
The €150m RCF is unsecured and has an initial three-year term with two one-year extension options, incorporating an accordion, which allows the facility to be upsized by up to an additional €100m. Both the extensions and the accordion require lender consent. The RCF diversifies SRE’s debt stack, which includes bonds across different maturities.
The facility carries a margin of 120bps over EURIBOR.
Panmure Liberum’s Debt Advisory Team advised the company on structuring and arranging the facility and helped to deliver a solution in a compressed timeframe with 2 new banking partners for the company.
Chris Bowman, CFO said, “Debt remains a core part of our balance sheet, and we are delighted to have a new RCF which diversifies our sources of financing and provides a flexible solution to help finance SRE’s future growth. Panmure Liberum’s debt advisory team were instrumental in helping us to deliver the financing in tight timescales.
Panmure Liberum Team
Debt Advisory Team – Dan Howlett, Ben Handler
Investment Banking – David Watkins
Research – Tim Leckie, Bjorn Zietsman
