NewRiver has agreed a new, unsecured £240m facility to refinance borrowing against assets acquired in the takeover of Capital & Regional.
The package comprises a £120m loan maturing in 2030 and a £120m revolving credit facility, with all four of the investor’s existing lenders increasing their commitments.
It will be used alongside a substantial amount of cash to refinance NewRiver’s secured £140m facility, which it took on when it acquired Capital & Regional in December 2024.
NewRiver said the deal improves its debt maturity profile and would allow it to return to a fully unsecured debt structure once the term facility commitment is drawn.
The loan includes an option for extension by three additional one-year terms, subject to lender approval.
Prior to drawing the term facility, NewRiver will pay a commitment fee based on a percentage of the margin, which is expected to cost £600,000 in 2027. This compares to an estimated £2m over the same period if the facility were to be drawn immediately, saving around £1.4m.
The new £120m revolving credit facility is £20m larger than the facility it replaces and extends the maturity from November 2026 to April 2031.
NewRiver chief financial officer Will Hobman said: “We’ve refinanced both the mall facility and the existing revolving credit facility in a single transaction, with the full support of our existing lenders, extending our debt maturity at a reduced margin and on a fully unsecured basis.
“With the first phase of our refinancing complete, we’re now focused on our growth agenda. We have the balance sheet, the platform and the pipeline to continue deploying capital where our origination strengths and operational expertise create value for shareholders.
“The next stage of our refinancing will focus on our £300m unsecured corporate bond, which matures in March 2028. With over £200m of cash and available liquidity and an improved maturity profile, we are well placed to manage that process from a position of strength.”
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