Tritax Big Box REIT plc’s £500 million unsecured notes offering

Ashurst advised Tritax Big Box REIT plc (“TBBR”), the only listed vehicle dedicated to investing in very large logistics warehouse assets, as debt issuer of £500 million of unsecured bonds issued under its inaugural £1.5 billion Euro medium term note programme and as borrower under its new unsecured £350 million revolving credit facility.

The proceeds of the bonds are being used to refinance TBBR’s existing £550 million secured syndicated facility, with the new unsecured revolving credit facility to be used for capital expenditure and permitted acquisitions.

The bonds are to be admitted to the Irish Stock Exchange’s Official List and to trading on the Global Exchange Market of the Irish Stock Exchange.

Barclays, HSBC and RBS (trading as Natwest Markets) (as joint active bookrunners), Wells Fargo (as bookrunner) and Santander, BNP Paribas and ING (as co-managers) were mandated in connection with the bonds.

The syndicate of lenders for the new unsecured revolving credit facility comprises Barclays, BNP Paribas, HSBC, ING, RBS, Santander and Wells Fargo.

Ashurst fielded a team of capital markets and banking specialists. The capital markets team was led by partner Anna Delgado (picture), assisted by senior associate Scott Chatterton. The banking team was led by partner Nicholas Moore, assisted by senior associate Darren Phelan and associate Andrew Lowndes.

The Ashurst team worked closely alongside Lazard & Co., Limited, who advised TBBR on the refinancing.

Involved fees earner: Anna Delgado – Ashurst; Scott Chatterton – Ashurst; Nicholas Moore – Ashurst; Darren Phelan – Ashurst; Andrew Lowndes – Ashurst;

Law Firms: Ashurst;

Clients: Tritax Big Box Reit plc;