Impact Healthcare - REVOLVING CREDIT FACILITY
28/12/2022 07:00
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RNS Number : 9632K Impact Healthcare REIT PLC 28 December 2022
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28 December 2022
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries, the "Group")
AGREED INCREASE IN SIZE, EXTENSION TO TERM AND REDUCTION IN MARGIN OF EXISTING
REVOLVING CREDIT FACILITY WITH VIRGIN MONEY
The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real
estate investment trust which gives investors exposure to a diversified
portfolio of UK healthcare real estate assets, in particular care homes, is
pleased to announce that the Group has successfully agreed an increase in the
size, an extension to the term and a reduction in the margin of its existing
revolving credit facility ("RCF") with Clydesdale Bank PLC trading as Virgin
Money.
The revised facility has been increased from £25 million to £50 million and
extends the maturity to December 2029, from March 2024. This increases the
Group's weighted average term of debt from 6.2 to 6.9 years, providing
financing aligned to the Group's long-term income stream and reduces the
Group's exposure to debt expiring in the next three years to £15 million,
being the remainder of the Metro Bank term debt.
The revised facility has an improved margin of 200 basis points over SONIA,
down from 225 basis points on the original facility.
Overall, this increases the Group's debt facilities from £216 million to
£241 million, of which £142.3 million is currently drawn. £100 million or
70% of the Group's drawn debt is currently hedged. LTV at 30 September 2022
was 21.4% and is currently 22.8% on a roll-forward basis(1).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP Via H/Advisors Maitland
Mahesh Patel
Andrew Cowley
David Yaldron
Jefferies International Limited +44 20 7029 8000
Tom Yeadon tyeadon@jefferies.com
Neil Winward nwinward@jefferies.com
Winterflood Securities Limited +44 20 3100 0000
Neil Langford neil.langford@winterflood.com
Joe Winkley joe.winkley@winterflood.com
H/Advisors Maitland (Communications advisor) +44 7747 113 930
James Benjamin impacthealth-maitland@h-advisors.global
Alistair de Kare-Silver
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk (http://www.impactreit.uk/) .
NOTES:
Impact Healthcare REIT plc acquires, renovates, extends and redevelops high
quality healthcare real estate assets in the UK and lets these assets on
long-term full repairing and insuring leases to high-quality established
healthcare operators which offer good quality care, under leases which provide
the Company with attractive levels of rent cover.
The Company aims to provide shareholders with an attractive sustainable
return, principally in the form of quarterly income distributions and with the
potential for capital and income growth, through exposure to a diversified and
resilient portfolio of UK healthcare real estate assets, in particular care
homes for the elderly.
The Company has a progressive dividend policy with a target to grow its annual
aggregate dividend in line with the inflation-linked rental uplifts received
by the Group under the terms of the rent review provisions contained in the
Group's leases in the prior financial year.
On this basis, the Company is targeting a dividend for the year to 31 December
2022 to increase by 2.0% to 6.54 pence per share(2).
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 30 September 2022
plus acquisitions at cost completed since 30 September 2022.
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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