Impact Healthcare REIT PLC New Loan Facility (6355R)
18 June 2018 - 4:00PM
UK Regulatory
TIDMIHR
RNS Number : 6355R
Impact Healthcare REIT PLC
18 June 2018
18 June 2018
Impact Healthcare REIT plc
(the "Company" and with its subsidiaries, the "Group")
NEW LOAN FACILITY
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 signed a new GBP50 million five year loan facility with
Metro Bank PLC (the "Loan Facility"). The Loan Facility has two
elements: an interest only term loan of GBP25 million (the "Term
Loan") and a revolving credit facility of GBP25 million (the
"RCF"). This is the Group's first debt facility.
The Loan Facility has a margin of 265 basis points over Metro
Bank PLC's published Base Lending Rate. The five year Term Loan is
repayable without penalty after two years, and with a 1% penalty if
prepaid within the first two years. Amounts drawn under the RCF can
be repaid at any time without penalty. GBP25 million of the Term
Loan and GBP5 million of the RCF are secured over a portfolio of 30
care homes held in a wholly-owned Group company.
If the Loan Facility is fully drawn, the Group's loan to value
("LTV") would be 20% based on the Group's net assets at 31 March
2018. The Group's maximum LTV is 35% of gross asset value of the
Group as a whole.
The Loan Facility will help the Group to manage its capital
structure in line with its investment policy in a flexible manner
and will support the Group with its future growth plans.
The net proceeds of the GBP32.6 million equity fundraising in
November 2017 are fully invested or committed.
The Group is currently putting in place interest rate options to
hedge its exposure.
This announcement contains inside information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP via Newgate Communications
Mahesh Patel
Andrew Cowley
Winterflood Securities Limited Tel: 020 3100 0000
Joe Winkley
Neil Langford
Newgate Communications (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: impact@newgatecomms.com
Anna Geffert
Patrick Hanrahan
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk
NOTES:
The Group is a real estate investment trust ("REIT") which aims
to provide shareholders with an attractive return, principally in
the form of quarterly income distributions and with the potential
for capital and income growth, through exposure to a diversified
portfolio of healthcare real estate opportunities, in particular
residential care homes. The Group's investment policy is to
acquire, renovate, extend and redevelop high quality healthcare
real estate assets in the UK and lease those assets primarily to
healthcare operators providing residential healthcare services
under full repairing and insuring leases.
The Group has paid an aggregate dividend of 6.0 pence per share
for the first 12 months from Admission, which equates to a yield of
6 per cent. per annum on the IPO Issue Price, paid in quarterly
instalments.
The Group's Ordinary Shares were admitted to trading on the main
market of the London Stock Exchange, Specialist Fund Segment, on 7
March 2017.
Rupert Barclay
Chairman
Impact Healthcare REIT plc
7 Berkeley Street, London W1J 8DW
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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