Refinancing of RCF & new sustainability linkage

Assura PLC

09 October 2023

 

9 October 2023

Assura plc

Refinancing of RCF & new sustainability linkage

Assura plc ("Assura"), the leading primary care property investor and developer, today announces it has refinanced its revolving credit facility ("RCF" or "facility").

The new facility provides Assura with improved terms and flexibility compared to the existing agreement:

-     increased from £125 million to £200 million and matures in October 2026

-     reduced margin (headline rate 135 basis points with ratchet based on leverage) and overall cost, reflecting the strength of the business

-     ability to draw facility in both GBP and EUR

-     option to extend the facility by two additional one-year terms (to October 2028), subject to lender approval.

Reflecting Assura's long-term social impact and sustainability targets, the RCF now also includes sustainability-linked KPIs and commitments. Achievement of these KPIs, which are aligned with the existing targets of the business, will result in the margin being adjusted up or down by 5 basis points and the difference being donated to the Assura Community Fund.

The RCF is provided by Barclays Bank PLC, HSBC UK Bank plc, National Westminster Bank plc and Santander UK plc. Assura was advised by Rothschild & Co and Addleshaw Goddard.

Jayne Cottam, CFO, said:

"We are delighted to have increased our RCF to £200 million, extending the long-term relationship we have with our lenders. As well as improving the terms, reflecting the strength of our business, this agreement locks in flexible financing for our future activities.

"Following this agreement, £800 million of our committed facilities now have a sustainability-linkage, aligning our financing with our ambitious ESG targets that are intrinsic to Assura's business model."

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Assura plc David Purcell, Investor Relations Director	Tel: [phone] Email: [e-mail]
FGS Global Gordon Simpson	Tel: [phone] Email: [e-mail]

Notes to Editors

Assura plc is a national healthcare premises specialist and UK REIT based in Altrincham, UK - caring for more than 600 primary healthcare buildings, from which over six million patients are served.

A constituent of the FTSE 250 and the EPRA* indices, as at 31 March 2023, Assura's portfolio was valued at £2.7 billion.

At Assura, we BUILD for health. Assura builds better spaces for people and places, invests in skills and inspires new ways of working, and unlocks the power of design and innovation to deliver lasting impact for communities - aiming for six million people to have benefitted from improvements to and through its healthcare buildings by 2026. 

Assura is leading for a sustainable future, targeting net zero carbon across its portfolio by 2040.

Further information is available at www.assuraplc.com

*EPRA is a registered trademark of the European Public Real Estate Association.

 

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