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Banks & Debt

Debt Strategy

At NewRiver we have a straightforward and effective debt strategy, underpinned by our conservative Financial Policies and facilitated by strong and longstanding relationships with our key corporate banks. 
Following our transformational unsecured refinancing which we completed in August 2017, we have £430m of unsecured facilities, which will reduce our cost of debt once fully deployed and has increased our maturity, as well as £165m of secured debt facilities.

Gearing and Loan to Value

Our guidance is to maintain a proportionally consolidated Loan to Value (“LTV”) below 40%. As at 30 September 2017 our LTV was 25% (March 2017: 37%).


We continue to apply a hedging strategy which is aligned to our property strategy. To demonstrate this, at our last reporting date, 30 September 2017, borrowings were 100% hedged against interest rate risk (March 2017: 97%). This provides interest rate protection whilst the hedging strategy allows the Company to benefit from a low interest rate environment. 

Our Key Banking Relationships:

  • Barclays Bank Plc

  • HSBC Bank Plc

  • The Royal Bank of Scotland plc

  • Santander UK plc

  • AIG

  Our Policy September 2017 March 2017 March 2016
 Balance Sheet Gearing  <100%  33%  52% 29% 
LTV   <50%  25%  37% 27% 
 Net Debt (£m)    304.0  417.9  261.7
 Interest Cost    3.6%  3.5%  3.7%
 ICR >2.00x   4.6x 4.5x  4.3x 
 Weighted Average Maturity (yrs)   4.0   2.5 3.5 
 Net Debt/ EBITDA  <10.0  4.4  5.5  4.2