British Land reports £1.9bn debt, lowers LTV to 35% 

British Land raised £1.9bn of debt finance including a five year £785m unsecured revolving credit facility for the year to 31 March 2015.

It reduced its weighted average interest rate by 30bps to 3.8% over the period and lowered its LTV to 35% from 40% in the previous year.

The UK REIT received a new £485m five year unsecured RCF at an initial margin of 90bps in February which replaced the £560m RCF due to mature in May 2016. The restructuring reduced the total facilities available to the company by £400m as it sought to lower leverage levels.

It had £1.9bn of committed banking facilities and £73m of cash and short term deposits. Of these facilities £1.6bn have maturities of more than two years.

The company reported a profit before tax of £313m, up 5.4% on the previous period.