10
MKS / NOV 2015
FINANCIAL REVIEW
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May 2015
– Available facilities increased from £155m to £175m
– Introduction of £55m, 15 year loan fixed at 4.13% from Aviva
– £35m swap terminated early (at a cost of £13.2m) / £45m notional balance remaining
– £100m of debt fixed, the remainder currently floating
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Benefits
– WACD
1
lowered from 5.78% (March 15) to 4.42% at September 2015
– Potential to reduce further as proportion of lower cost floating rate debt increases
– Deemed savings on £132.0m drawings of £1.8m pa
– WALD
2
extended from 1.6 years to 9.1 years at the point of refinancing
Positive refinancing
… debt structure strengthened
1. WACD: Weighted average cost of debt
2. WALD: Weighted average length of debt
