15 Aug 2017 | 08:55 am |
International law firm Pinsent Masons has advised a syndicate of banks consisting of Barclays, HSBC, The Royal Bank of Scotland and Santander on £430 million of new unsecured debt facilities to FTSE-250 listed NewRiver Retail REIT PLC.
The new facilities, which replace £414 million of existing secured facilities, include a £165 million term loan and a £215 million revolving credit facility. The remaining £50 million is a term loan, providing NewRiver with the ability to further diversify sources of unsecured debt funding in due course. The refinancing exercise will provide the company with a reduced cost of debt, increased flexibility and an increased debt maturity.
NewRiver is a leading property investor, asset manager and developer specialising in the UK retail and leisure sector. NewRiver one of the UK’s largest shopping centre owner/managers with assets under management of £1.3 billion comprising 33 UK-wide shopping centres, 22 retail warehouses, 15 high street assets and a portfolio of 344 pubs. A Real Estate Investment Trust, NewRiver was founded in 2009 and listed on the AIM London Stock Market. On the 18 August 2016, NewRiver moved to a premium listing on the Main market of the London Stock Exchange as a plc.
The Pinsent Masons team acting on the transaction was led by William Oliver, Real Estate Finance partner, and comprised of Esther Parkes, Stephen Woods and Isabel Whitehurst .
Commenting on the deal William Oliver said:
"We were very pleased to advise the banks on the refinancing and to assist NewRiver on reaching this significant milestone."
Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.
Multinational law firm Pinsent Masons has advised propco investor LDC Care Homes and its asset and investment manager Elevation Advisors on the migration of a care homes portfolio from Four Seasons Health Care Group (FSHC) to new operators.
Multinational law firm Pinsent Masons has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB (Karo).
Multinational law firm Pinsent Masons has been appointed to the UK Government's new Trade Law Panel in an international consortium with BakerHostetler in the USA, and Fasken in Canada, to advise on international trade law disputes.
Multinational law firm Pinsent Masons has advised the joint lead managers in relation to a £250m sustainability bond issued by Aster Group to develop new affordable homes.
Multinational law firm Pinsent Masons has advised on what is believed to be the world's first gender-lens investment property fund, to support women experiencing, or at risk of homelessness.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on