Warehouse REIT announced that it has entered into a new five year £220 million debt facility, to replace the existing HSBC facility totaling £210 million. The refinancing, which comprises a £157 million term loan and a £63 million Revolving Credit Facility, has been agreed with a club of lenders consisting of HSBC, Barclays, Bank of Ireland and Royal Bank of Canada. The facility is at a margin of 2% per annum above LIBOR, representing a 14bpts saving compared to the previous blended rate. The new facility provides a five year term and includes an option to extend the duration by a further two years, subject to lender consent. The current HSBC facility expires, in part, in March 2020 and the majority in November 2022. This new facility not only extends the term and reduces the margin, but also increases Warehouse REIT's total debt facilities from £210 million to £220 million, together with an accordion of a further £80 million whilst maintaining the LTV covenant of 55%. Alongside paying down the previous facility, the debt provides the Group with extended firepower over current drawings to support operational flexibility, deliver further portfolio initiatives and give wider scope for new investments.