Civitas Social Hsng. - Closed c.£71m New Five Year Term Debt Facility
16/02/2023 07:00
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RNS Number : 0689Q Civitas Social Housing PLC 16 February 2023
16 February 2023
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Closing of c.£71m Five Year Term Facility
Civitas Social Housing PLC, ("Civitas" or the "Company"), the UK's leading
care-based and healthcare REIT, is pleased to confirm that the Company has
closed a new five year term debt facility of £70.875m (the "Facility") with a
leading major European bank lender (the "Lender").
The Facility has been deployed in full to redeem the Company's existing
facility with Lloyds Bank of £60m as well as providing additional liquidity.
The drawdown of the Facility will increase the Company's LTV to 35.3% (based
on 31 December 2022 gross portfolio valuation) and maintains the appropriate
headroom against the Company's long-term stated objective of a ceiling for
average gearing of not more than 40%, as measured on a gross portfolio basis.
Michael Wrobel, Chairman of Civitas, commented:
"We are delighted to welcome this Lender whilst offering our thanks to Lloyds
Bank for their support over a number of years. The closing of this Facility
follows completion of a property valuation and extensive due diligence on
behalf of the new Lender.
The Board reiterates its confidence in the appropriateness of the Company's
rent levels and their sustainability going forward, backed up by the proven,
strong underlying demand for specially adapted properties that are suitable
for the delivery of higher acuity long-term care. This confidence is supported
by our successful re-financing, with all debt facilities now at 100% fixed or
capped rates, as well as the recent affirmation by Fitch of our existing
Investment Grade rating of "A" (senior secured) and a Long-Term IDR (Issuer
Default Rating) of "A-" with a Stable Outlook."
ENDS
For further information, please contact:
Civitas Investment Management Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews Tel: +44 (0) 20 3100 2000
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / Verity Parker civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC (CSH) was created in 2016 by Civitas Investment
Management Limited as the first dedicated London listed REIT to raise
long-term, sustainable, institutional capital to invest in care-based social
homes and healthcare facilities across the UK. CSH's portfolio has been
independently valued at £999.5million (30 September 2022). CSH now provides
homes for 4,594 working age adults with long-term care needs, in 697 bespoke
properties that are supported by 130 specialist care providers, 18 approved
providers and working with over 178 individual local authority partners.
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