Big Yellow refinances £120m debt facility

Self-storage facilities operator Big Yellow has refinanced its £120.0m debt facility with M&G Investments for a seven-year term, with the new loan expiring in September 2029.

Big Yellow said on Friday that the pricing on its new facility agreement was reflective of sustainability investments made by the company over the past few years, as well as its planned investment in solar over the coming years.

The FTSE 250-listed group added that the margin on the facility had been reduced by 20 basis points from its expiring facility, reflective of improved portfolio performance.

Chief financial officer John Trotman said: "We are pleased to have continued our long-standing relationship with M&G, and this refinancing is an important step in us extending the maturities of our overall debt facilities. Following this refinancing, the current average cost of our drawn debt across all of our facilities is 3.4%."

Reporting by Iain Gilbert at Sharecast.com