The Board of Impact Healthcare REIT plc (ticker: IHR), announces that at the Company's 2023 Annual General Meeting held today, all resolutions proposed at the AGM were voted on and passed by a poll by the Company's shareholders and the results of the poll, including the proxy votes received, are set out below.Read more
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 basis¹.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP via Maitland/AMO
Jefferies International Limited
Tom Yeadon, email@example.com
Neil Winward, firstname.lastname@example.org
Tel: +4420 7029 8000
Winterflood Securities Limited
Neil Langford, email@example.com
Joe Winkley, firstname.lastname@example.org
Tel: +4420 3100 0000
H/Advisors Maitland (Communications Adviser)
James Benjamin, email@example.com
Alistair de Kare-Silver
Tel: +44 7747 113 930
The Company’s LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at www.impactreit.uk.