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RDI REIT PLC - RDI completes the early refinancing of a 275.0 million UK bank facility

Release Date: 17/01/2019 09:00
Code(s): RPL     PDF:  
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RDI completes the early refinancing of a £275.0 million UK bank facility

RDI REIT P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
LEI: 2138006NHZUMMRYQ1745
ISIN: IM00B8BV8G91
("RDI" or the "Company")


RDI COMPLETES THE EARLY REFINANCING OF A £275.0 MILLION UK BANK FACILITY


RDI, the income focused UK-REIT, is pleased to announce the successful early refinancing of its largest UK
debt facility. The facility has been extended for five years with a club of three banks comprising Barclays,
HSBC and RBS.

The total facility commitments of £275.0 million include a £137.5 million term loan and a £137.5 million
revolving credit facility. The facility is currently drawn to £250.0 million reflecting an anticipated LTV of
approximately 47% whilst providing £25.0 million of additional headroom. The majority of the drawn amount
has been hedged at an attractive rate and combined with the ratcheted margin structure, is anticipated to result
in a total interest cost of between 3.0% and 3.3%. The revolving credit facility provides significant flexibility
in managing the Company's capital and liquidity.

This proactive refinancing will extend RDI's weighted average debt maturity to 7.1 years (6.7 years at
31 August 2018) and marginally increase the Company's weighted average interest rate to approximately 3.5%
(3.4% at 31 August 2018). The Company's overall loan to value remains broadly unchanged and within the
Company's target of 40% - 50%.

Stephen Oakenfull, Deputy CEO at RDI, commented:
"We are pleased to have secured attractive terms on the extension of our principal UK debt facility with built
in flexibility to manage capital efficiently through the revolving credit facility. In the current uncertain
economic environment, we are pleased to have secured the early extension of this facility."

For further information:

RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull, Janine Ackermann                   Tel: +44 (0) 20 7811 0100

FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Ellie Sweeney                        Tel: +44 (0) 20 3727 1000

Instinctif Partners
SA Public Relations Adviser
Frederic Cornet                                                     Tel: +27 (0) 11 447 3030

JSE Sponsor
Java Capital                                                        Tel: +27 (0) 11 722 3050

17 January 2019

Note to editors:

About RDI

RDI is a UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income
focused REIT. The Company's income-led business model and strategic priorities are designed to offer
shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings
per share of 3%-5% across the medium term.

Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any
one sector or tenant, together with an efficient capital structure. The secure and growing income stream is
27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry). This is complemented by
an average debt maturity of 6.7 years of which over 95% of interest costs are either fixed or capped. The
Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios
in the industry whilst maintaining a low cost of debt.

The Company owns properties independently valued at £1.6bn in the United Kingdom and Germany, Europe's
two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals
spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail
parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier
requirement for real estate owners to become high quality service providers, given its scalable operational
platforms and nearly a third of the portfolio invested in hotels and London serviced offices.

RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and is included
within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

For more information on RDI, please refer to the Company's website www.rdireit.com

All figures as at 31 August 2018.

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