Lloyds and Riverside rehitch revolving loan to Sonia

£100m Sonia facility overcame late operational hurdles to be among the first done since the onset of coronavirus

Housing construction
Riverside builds and manages social housing in the UK

UK bank Lloyds has switched a corporate client to Sonia-linked revolving credit facilities, overcoming interest rate volatility and remote working challenges to complete one of the first post-coronavirus deals of its kind.

While the virus slowed progress of the deal at the later stages, bankers say the trade offers little indication of whether the sterling loan market can shift to the overnight rate before a regulator-set deadline later this year.

The new £100 million ($125 million) five-year

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