Impact Healthcare REIT, a UK listed property company, has revised the terms of two credit facilities with separate providers.
The firm said it has increased the size and extended the maturity of its revolving credit facility (RCF) with National Westminster Bank, and extended its revolving credit facility with HSBC Bank by a year.
The NatWest RCF has been increased by £24 mln, taking the total facility to £50 mln. It has also been extended by four years, from June 2024 to June 2028, with a further two one-year extension options to June 2030.
As a result, the margin will be 200 bps above SONIA (up from 190 bps). The interest cover covenant has been reduced from 250% to 175% in the first two years, increasing to 200% for the remainder of the term.
The REIT has also agreed a one-year extension option to its HSBC RCF, to April 2026. The interest cover covenant is being reduced from 250% to 200%, with the margin remaining at 200 bps above SONIA.
Impact Healthcare has repaid the remaining £15 mln outstanding under the Metro Bank debt facility, which matured in June 2023.
It now has total available debt of £250 mln, of which £191 mln is currently drawn. The group’s gross loan to value (LTV) ratio at 31 March 2023 was 28.3% and is currently 28.9% on a roll-forward basis.
