19 December 2023

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

Refinancing of revolving credit facility

Big Yellow is pleased to announced that it has completed the refinancing of its revolving credit facility. 

The Group has put in place a new £300 million ESG-linked facility for an initial term of three years, with the option to extend the facility by two additional one-year terms through to December 2028, subject to lender approval.  The facility has been provided by Lloyds Bank plc, HSBC UK Bank plc, Bank of Ireland, and Barclays Bank plc, with Barclays joining the existing three bank syndicate.  The margin of 1.25% is unchanged from the existing facility.

The Group has incorporated ESG-linked KPIs into the loan, which include annual pre-agreed targets and are based on:

-     Reductions in Scope 1 and 2 emissions

-     Increase in solar generation capacity

-     Total annual grants to Big Yellow Foundation charity partners

-     The value of storage space provided free of charge to local charities in our stores

Performance against the KPIs will be measured annually, and a margin decrease or increase will be applied to the headline margin on the basis of this performance.

John Trotman, Chief Financial Officer of Big Yellow commented:

"We are pleased to have completed this refinancing, which increases the liquidity available to the Group, with available headroom on our debt facilities of just over £200 million.  The average maturity of our debt facilities is now 4 years."