TIDMIHR
RNS Number : 2310D
Impact Healthcare REIT PLC
28 June 2021
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This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this Announcement, this inside information is now considered to be
in the public domain.
28 June 2021
IMPACT HEALTHCARE REIT PLC
(the "Company" or, together with its subsidiaries, the
"Group")
NEW REVOLVING CREDIT FACILITY
&
TERM DEBT REPAYMENT
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 revolving credit facility of GBP26 million
(the "New Facility") with National Westminster Bank plc
("NatWest"), with an accordion agreement to increase this facility
to GBP50 million, subject to lender approval. At the same time, the
Group has agreed to repay GBP10 million of its GBP25 million term
loan with Metro Bank PLC ("Metro").
The New Facility is for an initial term of three years with an
option to extend, subject to lender approval, for up to a further
two years. The New Facility has a margin of 190 basis points per
annum over SONIA, which is currently equivalent to a total drawn
cost of debt of 1.95% per annum.
This is the Group's first facility utilising SONIA and the Group
is in discussions with HSBC and Clydesdale on the transition of
these facilities from LIBOR to SONIA.
Term debt repayment
At the same time, the Group has agreed with Metro to repay GBP10
million of the term loan with the release of certain properties
from Metro's security pool which have been used as security under
the New Facility agreement with NatWest. No early repayment fees
are due to Metro. The amount repaid is not able to be redrawn and,
following the repayment, the Group has in place GBP40 million of
facilities with Metro: GBP15 million term loan and GBP25 million
revolving credit facilities, both due to mature in June 2023 and at
a margin of 265 basis points over Metro's base rate.
Total facilities
The New Facility, after the reduction of the Metro facility,
takes the Group's total committed facilities to GBP141 million, of
which GBP15 million is a term loan and GBP126 million are revolving
credit facilities.
This New Facility will help to ensure that the Group continues
to be well capitalised and increases its balance sheet flexibility
with further diversification of more attractively priced funding to
support the Company's growth:
-- As at 25 June 2021, the Group has cash of GBP17.8 million and
headroom on its undrawn debt facilities of GBP78.7 million.
-- The Group has GBP28.3 million of outstanding commitments to
acquisitions and asset management initiatives, and a further GBP5.0
million commitment contingent on deferred payments based on future
financial performance due in the next two years, all of which are
expected to incrementally enhance rental returns.
-- The Group has no debt refinancing requirements before April 2023.
-- Debt drawn at 25 June 2021 is GBP62.3 million, giving an LTV
of 13.7%, based on gross asset values at 31 March 2021 of GBP454.0
million. Fully drawn and invested, the LTV would be circa
26.5%.
-- Net of the outstanding commitments outlined above, the Group
has circa GBP63.2million in available cash and undrawn facilities
for future investment opportunities.
Investment pipeline
The Group continues to pursue a number of attractive investment
opportunities and expects to announce further updates during the
next quarter.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP via Maitland/AMO
Mahesh Patel
Andrew Cowley
Maitland/AMO (Communications 07747 113 930
Adviser) impacthealth-maitland@maitland.co.uk
James Benjamin
The Company's LEI is: 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available on
the Company's website: https://www.impactreit.uk
NOTES:
Impact Healthcare REIT plc 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 UK healthcare real estate
opportunities, in particular care homes for the elderly. 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 Company has a progressive dividend policy with a target to
grow its annual aggregate dividend in line with the
inflation-linked rental uplifts received by the Group under the
terms of the rent review provisions contained in the Group's leases
in the prior financial year.
On this basis, the target total dividend for the year ending 31
December 2021 is 6.41 pence per share* , a 1.91% increase over the
6.29 pence in dividends paid or declared per ordinary share for the
year ended 31 December 2020.
The Group's Ordinary Shares were admitted to trading on the main
market of the London Stock Exchange, premium segment, on 8 February
2019. The Company is a constituent of the FTSE EPRA/NAREIT
index.
Rupert Barclay
Chairman
Impact Healthcare REIT plc
c/o 4(th) Floor, Heddon House
149/151 Regent Street
London, W1B 4JD
* This is a target only and not a profit forecast. There can be
no assurance that the target will be met and it should not be taken
as an indicator of the Company's expected or actual results.
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END
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June 28, 2021 02:00 ET (06:00 GMT)
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