The MedicX Fund Limited £27.5 m private placement of loan notes (1785M)
July 26 2017 - 8:10AM
UK Regulatory
TIDMMXF
RNS Number : 1785M
The MedicX Fund Limited
26 July 2017
For immediate release
26 July 2017
MedicX Fund Limited
("MedicX Fund", "the Fund" or "the Company")
GBP27.5 million private placement of loan notes
MedicX Fund Limited (LSE: MXF), the specialist primary care
infrastructure investor in modern purpose-built primary healthcare
properties in the United Kingdom and Republic of Ireland, announces
that it has raised GBP27.5 million through a private placement of
loan notes bought by a new institutional lender to the Fund. IDCM
Limited acted as arranger to the transaction. The loan notes have a
duration of eleven years and two months maturing on 30 September
2028, with no amortisation and the principal value repayable on
maturity. The interest rate on the notes is fixed for their term at
3.00%.
The loans are secured against certain properties and the
proceeds from the issue of the loan notes will be invested in
accordance with the Company's investment policy.
This new facility, together with the full draw down of the Bank
of Ireland development loan facility put in place in March 2017,
results in a reduced average all-in fixed rate of debt for the Fund
of 4.27% with an average unexpired term of 12.7 years. Assuming the
funds were fully drawn immediately with the proceeds invested in
the completion of existing properties under construction or the
purchase of new properties, adjusted gearing (the ratio of total
debt to total assets in each case net of cash and cash equivalents)
would be expected to be approximately 53.7%.
David Staples, Chairman, said "We are delighted to announce our
third private placement issue of loan notes at the lowest rate to
date. The terms of the loan notes are competitive with facilities
currently available from bank lenders. This additional debt by a
new lender further diversifies our lender base and enables the Fund
to commit to new investments in our pipeline of acquisition
opportunities whilst being locked into low fixed interest rates for
the long term, consistent with our ongoing funding strategy".
- End -
For further information please contact:
MedicX Fund +44 (0) 1481 723 450
David Staples, Chairman
Octopus Healthcare Group +44 (0) 20 3142 4820
Mike Adams, Chief Executive Officer
Canaccord Genuity +44 (0) 20 7523 8000
Andrew Zychowski/Helen Goldsmith
Buchanan +44 (0) 20 7466 5000
Charles Ryland/Victoria Hayns
Information on MedicX Fund Limited
MedicX Fund Limited ("MXF", the "Fund" or the "Company", or
together with its subsidiaries, the "Group") is the specialist
primary care infrastructure investor in modern, purpose-built
primary healthcare properties in the United Kingdom, listed on the
London Stock Exchange, with a portfolio comprising 157
properties.
The Investment Adviser to the Company is Octopus Healthcare
Adviser Ltd, which is part of the Octopus Healthcare group. Octopus
Healthcare invests in and develops properties as well as creating
partnerships to deliver innovative healthcare buildings to improve
the health, wealth and wellbeing of the UK. It currently manages
over GBP1 billion of healthcare investments across a number of
platforms, with a focus on five core areas: GP surgeries, care
homes, special education schools, retirement housing and private
hospitals. Octopus Healthcare is part of the Octopus group, a
fast-growing UK fund management business with leading positions in
several specialist sectors including healthcare property, energy,
property finance and smaller company investing. Octopus manages
GBP6 billion of funds for more than 50,000 retail and institutional
investors.
Octopus Healthcare Adviser Ltd is authorised and regulated by
the Financial Conduct Authority.
The Company's website address is www.medicxfund.com. Neither the
contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other
website), nor the contents of any website accessible from
hyperlinks within this announcement, are incorporated into, or
forms part of, this announcement.
The Company's Legal Entity Identifier is
2138008POF35FTNFCB25.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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