Impact Healthcare REIT PLC GBP24 Million Extension of Revolving Credit Facility (3019E)
June 29 2023 - 1:00AM
UK Regulatory
TIDMIHR
RNS Number : 3019E
Impact Healthcare REIT PLC
29 June 2023
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than the Republic of Ireland or the Netherlands and then
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Australia, Japan or the Republic of South Africa.
29 June 2023
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries,
the "Group")
GBP24 MILLION INCREASE IN SIZE AND FOUR YEAR EXTENSION TO
EXISTING REVOLVING CREDIT FACILITY WITH NATWEST
ONE YEAR EXTENSION TO REVOLVING CREDIT FACILITY WITH HSBC
Impact Healthcare REIT plc (ticker: IHR) announces that it has
increased the size and extended the maturity of its revolving
credit facility with National Westminster Bank Plc (the "NatWest
RCF") and extended its revolving credit facility with HSBC Bank UK
Plc ("HSBC RCF") by a year.
The NatWest RCF has been increased by GBP24 million, making the
total facility GBP50 million. It has also been extended by four
years, from June 2024 to June 2028, with a further two one-year
extension options (subject to lender approval) to June 2030. In
recognition of the maturity extension, the margin will be 200 bps
above SONIA (up from 190 bps). The interest cover covenant has been
reduced from 250% to 175% in the first two years, increasing to
200% for the remainder of the term.
The Group has also agreed a one-year extension option to its
HSBC RCF to April 2026. The interest cover covenant is being
reduced from 250% to 200%, with the margin remaining at 200 bps
above SONIA.
The Group has repaid the remaining GBP15 million outstanding
under the Metro Bank PLC debt facility, which matured in June 2023.
It now has total available debt of GBP250 million, of which GBP191
million is currently drawn. The weighted average term of debt has
increased from 6.3 years in December 2022, to 6.8 years (excluding
extension options).
The Group's gross loan to value ("LTV") ratio at 31 March 2023
was 28.3% and is currently 28.9% on a roll-forward basis(1) .
The Group has GBP125 million of debt currently fixed or hedged,
after the expiry of a GBP25 million interest rate cap in June 2023.
66% of the drawn debt is currently hedged and the Group is
reviewing options to increase this. The average cost of drawn debt
is currently 4.8% and would increase by 17 bps for every further
potential 50 bps increase in SONIA.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners Via H/Advisors
LLP Maitland
Andrew Cowley
----------------------------------------- ---------------
Mahesh Patel
----------------------------------------- ---------------
D avid Yaldron
----------------------------------------- ---------------
Jefferies International +44 20 7029
Limited 8000
---------------
Tom Yeadon tyeadon@jefferies.com
----------------------------------------- ---------------
Ollie Nott onott@jefferies.com
----------------------------------------- ---------------
Winterflood Securities +44 20 3100
Limited 0000
---------------
Neil Langford neil.langford@winterflood.com
----------------------------------------- ---------------
Joe Winkley joe.winkley@winterflood.com
----------------------------------------- ---------------
H/Advisors Maitland +44 7747 113
(Communications adviser) 930
---------------
James Benjamin impacthealth-maitland@h-advisors.global
----------------------------------------- ---------------
Rachel Cohen
---------------
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk .
NOTES:
Impact Healthcare REIT plc is a specialist and responsible owner
of care homes and other healthcare properties across the UK.
Elderly care is an essential service and demand for it is high and
continues to grow, as the UK's population gets older. We work with
our tenants so we can grow together and help them care for more
people, while continuing to improve our homes for their
residents.
We take a long-term view and look to generate secure and growing
income. This has allowed us to provide our shareholders with
attractive and rising dividends and the potential for capital
growth.
The target total dividend for the year ending 31 December 2023
is 6.77 pence per share (2) , a 3.53% increase over the 6.54 pence
in dividends paid or declared per ordinary share for the year ended
31 December 2022.
The Group's Ordinary Shares were admitted to trading on the main
market of the London Stock Exchange, premium segment, on 8 February
2019. The Company is a constituent of the FTSE EPRA/NAREIT
index.
Neither the content of the Company's website, nor the content on
any website accessible from hyperlinks on its website for any other
website, is incorporated into, or forms part of, this announcement
nor, unless previously published by means of a recognised
information service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to
hold, or dispose of, securities in the Company.
1 Current debt drawn divided by Gross Assets as at 31 March 2023.
2 This is a target only and not a profit forecast. There can be
no assurance that the target will be met and it should not be taken
as an indicator of the Company's expected or actual results.
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