Lok'nStorePLC (LON:LOK), the self-storage group, has increased the length of its £75mln loan facility with Royal Bank of Scotland and Lloyds Bank by a year.
The five-year revolving credit facility included two extension options, one of which has now been implemented meaning the facility will run until April 2025.
Interest on the facility is LIBOR plus 1.50%-1.75% based on a loan to value covenant test.
Andrew Jacobs, Lok'nStore’s chief executive, said: "This extension of our existing banking facility with its extremely competitive terms and flexible structure underlines the financial strength of Lok'nStore.
“Our current pro forma loan to value ratio is 19.9% net of cash with a pro forma cash position of £12.6mln.
“With our modest gearing, valuable property assets and strong and growing cash flow, the group will continue to execute its current growth strategy as the economy returns to normal."
In April, the storage group said it had a pipeline of 16 new outlets.