Grainger extends banking facilities, backs deleveraging targets
Grainger PLC on Monday said it had extended its banking facilities, in line with deleveraging plans.
The Newcastle-upon-Tyne, England-based residential landlord noted has agreed a £540 million extension of core facilities to 2033 with lenders AIB Group PLC, Barclays PLC, HBSC Holdings PLC and NatWest PLC.
‘The extensions further strengthen the company’s balance sheet with weighted average facility maturity including extension options increasing to 4.6 years,’ Grainger said.
According to the company, this has saved around £1 million in annual finance costs, with the extensions agreed ‘at lower margins’.
This supports Grainger’s goal of deleveraging by £300 million to £350 million for the year ending September 30, 2029. The company is targeting a loan-to-value ratio of 30% and a ratio of 8 times net debt to earnings before interest, tax, depreciation and amortisation.
At the end of September 2025, Grainger’s LTV ratio stood at 38.4%, up from 38.2% a year prior. Net debt totalled £1.46 billion at September 30, up from £1.45 billion on-year.
Grainger shares rose 0.4% to 161.60 pence on Monday morning in London.
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