By Josh White
Date: Monday 18 Jun 2018
LONDON (ShareCast) - (Sharecast News) - Impact Healthcare REIT has signed a new £50m five year loan facility with Metro Bank, it announced on Monday.
The London-listed specialist fund said the facility had two elements - an interest-only term loan of £25m, and a revolving credit facility of £25m.
It confirmed it was the group's first debt facility.
The loan facility had a margin of 265 basis points over Metro Bank's published base lending rate, with the five-year term loan repayable without penalty after two years, and with a 1% penalty if prepaid within the first two years.
Amounts drawn under the revolving credit facility could be repaid at any time without penalty, Impact's board said.
It added that £25m of the term loan and £5m of the revolving credit facility were secured over a portfolio of 30 care homes, held in a wholly-owned group company.
If the loan facility was fully drawn, the group's loan-to-value would be 20% based on its net assets at 31 March.
The group's maximum loan-to-value was 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 board said in its statement.
"The net proceeds of the £32.6m equity fundraising in November 2017 are fully invested or committed."
Impact Healthcare said it was currently putting in place interest rate options to hedge its exposure.
Email this article to a friend
or share it with one of these popular networks:
Currency | UK Pounds |
Share Price | 87.70p |
Change Today | 0.50p |
% Change | 0.57 % |
52 Week High | 101.80 |
52 Week Low | 78.90 |
Volume | 158,447 |
Shares Issued | 414.37m |
Market Cap | £363.40m |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
Latest | Previous | |
---|---|---|
1st Interim | 4th Interim | |
Ex-Div | 02-May-24 | 08-Feb-24 |
Paid | 17-May-24 | 23-Feb-24 |
Amount | 1.74p | 1.69p |
Time | Volume / Share Price |
10:07 | 57 @ 87.50p |
10:07 | 1 @ 87.50p |
10:03 | 6 @ 87.50p |
09:59 | 22 @ 87.50p |
09:51 | 6,829 @ 87.36p |
You are here: research