British Land secures largest unsecured revolving credit facility in six years

The UK’s second-largest REIT has negotiated a headline margin of 115 basis points over three-month LIBOR for the first third of the total RCF, or circa £260m, with margin step-up of sub 20 basis points for the second and third increments when drawdown. The terms include British Land’s standard unsecured financial covenants.