£20m increase in 3-Year Revolving Loan Facility

RNS Number : 0378R

Civitas Social Housing PLC

12 June 2018

 

12^th June 2018

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

£20m increase in 3-Year Revolving Loan Facility from Lloyds Bank plc

The Board of Civitas Social Housing PLC is pleased to announce that the Company has agreed a £20m increase to the £40m 3-year floating rate revolving loan facility from Lloyds Bank plc (the 'Facility'), which was announced on 17 November 2017. The facility is based upon a margin over three month LIBOR.

The Facility increase, arranged by Lloyds Bank Commercial Banking, is secured by an additional ring-fenced portfolio of the Company's properties and otherwise remains on the same terms.  Rothschild & Co advised the Company.

The Facility increase is secured against properties within the Company's Ordinary Share class and will assist the Company to enhance the dividend yield.  It is anticipated that a final tranche of debt finance will be secured against the Ordinary Shares in due course.  The facility also offers greater capital flexibility for the Company while assembling its portfolio, alongside the primary use of long-term debt.

Michael Wrobel, Chairman of Civitas, commented: "We are delighted to have secured this loan facility increase from Lloyds Bank, which demonstrates the continued support of commercial lenders for the Company and the delivery of high quality social housing to those in need."

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge                            Tel: [phone]

Andrew Dawber                    Tel: [phone]

Cenkos Securities PLC

Sapna Shah                           Tel: [phone]

Tom Scrivens                        Tel: [phone]

Pagefield

Philip Dennis                        Tel: [phone]

David Leslie                          Tel: [phone]

Notes:

Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing in England and Wales.  The Company is managed by Civitas Housing Advisors Limited.  The Company is listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016.

 

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