Civitas Social Housing PLC £20m increase in 3-Year Revolving Loan Facility (0378R)
12 June 2018 - 4:00PM
UK Regulatory
TIDMCSH
RNS Number : 0378R
Civitas Social Housing PLC
12 June 2018
12(th) June 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP20m increase in 3-Year Revolving Loan Facility from Lloyds
Bank plc
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has agreed a GBP20m increase to the GBP40m 3-year
floating rate revolving loan facility from Lloyds Bank plc (the
'Facility'), which was announced on 17 November 2017. The facility
is based upon a margin over three month LIBOR.
The Facility increase, arranged by Lloyds Bank Commercial
Banking, is secured by an additional ring-fenced portfolio of the
Company's properties and otherwise remains on the same terms.
Rothschild & Co advised the Company.
The Facility increase is secured against properties within the
Company's Ordinary Share class and will assist the Company to
enhance the dividend yield. It is anticipated that a final tranche
of debt finance will be secured against the Ordinary Shares in due
course. The facility also offers greater capital flexibility for
the Company while assembling its portfolio, alongside the primary
use of long-term debt.
Michael Wrobel, Chairman of Civitas, commented: "We are
delighted to have secured this loan facility increase from Lloyds
Bank, which demonstrates the continued support of commercial
lenders for the Company and the delivery of high quality social
housing to those in need."
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
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.
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END
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