Civitas Social Housing PLC £52.5m Fixed Rate 10-Year Term Loan Facility (5334V)
03 November 2017 - 10:51PM
UK Regulatory
TIDMCSH
RNS Number : 5334V
Civitas Social Housing PLC
03 November 2017
3(rd) November 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP52.5m Fixed Rate 10-Year Term Loan Facility from Scottish
Widows Limited
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has secured a 10-year, interest only, fixed rate
term loan facility of GBP52.5m from Scottish Widows Limited (the
'Facility').
The Facility, arranged by Lloyds Bank Commercial Banking, is
priced at an all-in fixed rate of 2.99%, and is repayable 10 years
from the date of utilisation. It is secured by a portfolio of
c.GBP175m of, primarily, specialist supported living assets
acquired by the Company since its admission in late 2016.
The Facility is the first of a planned debt funding programme
designed to support the Company's continuing growth. Civitas
intends to utilise the proceeds of the Facility in short order to
finance its extensive pipeline of new transactions.
The Facility remains within the Company's objective to restrict
overall gearing to c.25% of gross asset value; and well within
Civitas's overall borrowing restrictions.
The Company anticipates announcing the provision of additional
loan facilities shortly, in line with its stated intention to
secure debt funding in excess of GBP90m.
Michael Wrobel, Chairman of Civitas, commented: "We are
delighted to have secured this loan facility from Scottish Widows,
locking in an attractive interest rate and demonstrating the high
quality of the Company's assets. We expect this to be the first in
a series of loans to be utilised in the near term to acquire our
extensive pipeline of properties."
Andrew Wheldon, of Lloyds Bank Commercial Real Estate, added:
"With the UK suffering from a chronic shortage of housing across
all tenures, we are pleased to be supporting Civitas through this
long-term capital solution, secured against a diversified portfolio
of investment grade specialist supported living assets."
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3709 4622
Andrew Dawber Tel: +44 (0)20 3709 4626
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Pagefield
Philip Dennis Tel: +44 (0)7947 868206
David Leslie Tel: +44 (0)7584 070274
Notes:
Civitas Social Housing PLC is the first Real Estate Investment
Trust offering pure play exposure to social housing in England and
Wales. The Company is managed by Civitas Housing Advisors Limited.
The Company is listed on the premium listing segment of the
Official List of the Financial Conduct Authority and was admitted
to trading on the main market for listed securities of the London
Stock Exchange in November 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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