Closed c.£71m New Five Year Term Debt Facility

RNS Number : 0689Q

Civitas Social Housing PLC

16 February 2023

 

16 February 2023

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Closing of c.£71m Five Year Term Facility

Civitas Social Housing PLC, ("Civitas" or the "Company"), the UK's leading care-based and healthcare REIT, is pleased to confirm that the Company has closed a new five year term debt facility of £70.875m (the "Facility") with a leading major European bank lender (the "Lender").

The Facility has been deployed in full to redeem the Company's existing facility with Lloyds Bank of £60m as well as providing additional liquidity.

The drawdown of the Facility will increase the Company's LTV to 35.3% (based on 31 December 2022 gross portfolio valuation) and maintains the appropriate headroom against the Company's long-term stated objective of a ceiling for average gearing of not more than 40%, as measured on a gross portfolio basis.

Michael Wrobel, Chairman of Civitas, commented:

"We are delighted to welcome this Lender whilst offering our thanks to Lloyds Bank for their support over a number of years. The closing of this Facility follows completion of a property valuation and extensive due diligence on behalf of the new Lender.

The Board reiterates its confidence in the appropriateness of the Company's rent levels and their sustainability going forward, backed up by the proven, strong underlying demand for specially adapted properties that are suitable for the delivery of higher acuity long-term care. This confidence is supported by our successful re-financing, with all debt facilities now at 100% fixed or capped rates, as well as the recent affirmation by Fitch of our existing Investment Grade rating of "A" (senior secured) and a Long-Term IDR (Issuer Default Rating) of "A-" with a Stable Outlook."

ENDS

For further information, please contact:

Civitas Investment Management Limited
Andrew Dawber	Tel: [phone]
Paul Bridge	Tel: [phone]
Panmure Gordon
Sapna Shah	Tel: [phone]
Tom Scrivens	Tel: [phone]
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews	Tel: [phone]
Buchanan
Helen Tarbet / Henry Wilson	Tel: [phone]
Hannah Ratcliff / Verity Parker	[e-mail]

Notes:

Civitas Social Housing PLC (CSH) was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT to raise long-term, sustainable, institutional capital to invest in care-based social homes and healthcare facilities across the UK. CSH's portfolio has been independently valued at £999.5million (30 September 2022). CSH now provides homes for 4,594 working age adults with long-term care needs, in 697 bespoke properties that are supported by 130 specialist care providers, 18 approved providers and working with over 178 individual local authority partners.

 

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