MKS / MAY 2016 /
10
FINANCIAL REVIEW
•
Result
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 either fixed or hedged, the remainder currently floating
•
Benefits
WACD
1
lowered from 5.78% (March 15) to 4.35% at March 2016
Potential to reduce further as proportion of lower cost floating rate debt increases
WALD
2
extended from 1.6 years to 9.1 years at the point of refinancing
POSITIVE REFINANCING: MAY 2015
… DEBT STRUCTURE STRENGTHENED
1. WACD: Weighted average cost of debt
2. WALD: Weighted average length of debt
