QuotedData’s morning briefing 15 December 2020

Syncona Freeline Therapeutics (SYNC) (FRLN)

In QuotedData’s morning briefing 15 December 2020:

  • Triple Point Social Housing has secured an increase to its existing Revolving Credit Facility (RCF jointly provided by Lloyds Bank and National Westminster Bank. The RCF will increase from £130m to £160m. The term has been extended by a year to 20 December 2023 and comes at 1.85% over LIBOR. This increase provides the firepower to increase the trust’s loan to value ratio to 40%.
  • Stenprop also has a new debt facility – a new seven-year, £66.5m fixed rate senior debt facility with ReAssure. This refinances an existing £61.5m loan, which was due to expire in June 2022, and is secured against a portfolio of 30 multi-let industrial assets located across the UK with a loan to value ratio of 38%. Financing costs fall by around £930,000 a year (the new loan is fixed at an annual rate of 1.66% compared to 3.2% on the previous arrangement). The funds have been used to finance a recent acquisition in Cardiff. Across the whole multi-let industrial portfolio the transaction reduces the cost of debt from 3% to 2.2% and substantially extends the weighted average maturity from 2.8 years to 5.6 years.
  • Syncona’s Freeline Therapeutics says its B-AMAZE haemophilia B trial shows “durable Factor IX (“FIX”) activity up to a period of nearly three years, with no bleeds reported requiring FIX supplementation, and support selection of a dose and immune management regimen that has the potential to deliver FIX activity in the normal range.” The company believes it has a clear path to initiate a Phase 2b/3 study in the second half of 2021.The Phase 2b portion of the study is designed to confirm the dose to be used in the Phase 3 study. The aim, assuming robust data at 26 weeks, is to file for accelerated approval with the FDA.
  • Schroder Real Estate Investment Trust has exchanged unconditional contracts to sell The Portergate, a 49,500 sq ft office in Sheffield, to a private purchaser, for £4.2m. The buyer has paid a deposit of 10% of the purchase price with completion due on 5 February 2021. The price is in-line with the independent valuation as at 30 September 2020. The property is 80% vacant by area following the departure of the previous tenant, Aviva, who vacated in return for a £1.2m payment to the trust. This will cut the company’s void rate to 5.5%.

We also have results from Polar Capital Global HealthcareEcofin Global Utilities and Infrastructure, Shaftesbury and Grit Real Estate, an acquisition by Law Debenture, the results of Gulf Investments’ tender offer and the acquisition of a Euronext Paris listed company by SEGRO.

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