7
MKS / MAY 2015
FINANCIAL REVIEW
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Facilities increased from £155m to £175m
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Introduction of £55m, 15 year loan fixed at 4.13% from Aviva
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£35m swap terminated early (at a cost of £13.1m) / £45m notional balance remaining
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Maturity profile improved significantly
– No debt renewal now required until December 2017
– WALD
(1)
up on day 1 from 1.5 years to 9.1 years
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Cost of debt reduced
– WACD
(2)
lowered from 5.78% (year to March 15) to 4.62% day 1 and potentially to 3.80% when fully drawn
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Underlying balance sheet gains
– EPRA NAV reduced by 14.3p
– EPRA NNNAV increased by 2.6p
Positive refinancing May 2015
… balance sheet strengthened
Note:
(1) WALD: Weighted average length of debt
(2) WACD: Weighted average cost of debt
