Panmure Liberum acted as Sole Debt Advisor to Sirius Real Estate Limited to upsize their revolving credit facility to €300m
We are pleased to announce that Panmure Liberum has acted as Sole Debt Advisor to Sirius Real Estate on upsizing their Revolving Credit Facility to €300m from €150m, supported by their existing three banks and the addition of one new lender.
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 newly upsized RCF will provide additional capital to execute the company’s inorganic strategy while also facilitating efficient cash management as the business continues to grow.
The new facility is unsecured and overall terms remain as per the original €150m RCF with a new three-year term from the date of signing of the amendment. The facility maintains a floating interest rate based on EURIBOR + a headline opening margin of 120bps.
Panmure Liberum’s Debt Advisory Team advised the company on all aspects of the transaction, engaging with existing lenders - ABN Amro, BNP Paribas and HSBC - driving the process for the increase, while successfully introducing Barclays a new banking partner. The transaction was negotiated and signed in an efficient timeframe following a short period for credit approvals and documentation.
Chris Bowman, CFO said, , "Alongside our recent equity fundraise, this significantly increased RCF provides additional flexibility to capitalise on our exciting pipeline of opportunities and manage our balance sheet efficiently. It also diversifies our debt relationships by adding Barclays to our lender roster. Importantly, this new facility demonstrates the strong support we continue to receive from existing and new financing partners.
Panmure Liberum Team
Debt Advisory Team – Dan Howlett, Ben Handler, Jamie Anderson
Investment Banking – David Watkins
Research – Tim Leckie, Bjorn Zietsman
