?50 million private placement of loan notes

RNS Number : 8960P

The MedicX Fund Limited

26 August 2014

 



For immediate release                                                                                    

26 August 2014

MedicX Fund Limited

("MedicX Fund", "the Fund" or "the Company")

£50 million private placement of loan notes

MedicX Fund Limited (LSE: MXF), the specialist primary care infrastructure investor in modern purpose-built primary healthcare properties in the United Kingdom, today announces that it has raised £50 million through a private placement bought by a single institutional investor.  The loan notes have a duration of five years maturing in August 2019, with no amortisation and the principal value repayable on maturity.  The all-in interest rate on the notes is fixed at 3.80%.

The funds will be drawn in two phases, with £15 million being drawn immediately, and the remaining £35 million in December 2014.  The funds will be secured against certain properties.

Including this new facility the average all-in fixed rate of debt for the Fund is 4.35% with an average unexpired term of 13.4 years.  Proceeds from the issue of the loan notes will be invested in accordance with the Company's investment policy.  Assuming the funds were fully drawn immediately with the proceeds invested in the completion of existing properties under construction or the purchase of new properties, adjusted gearing (the ratio of total debt to total assets in each case net of cash and cash equivalents) would be expected to be approximately 55.2%.

David Staples, Chairman said "We are proud of the debt facilities we have put in place for the Fund and are delighted to announce the issue of these loan notes, the terms of which are competitive compared with currently available bank financing.  This additional debt diversifies our lender base and, together with the existing £25 million revolving loan facility we have in place, will enable the Fund to commit to additional new investments and to take advantage of its healthy pipeline of acquisition opportunities."

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For further information please contact:

MedicX Group                                                                            [phone]

Keith Maddin, Chairman

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

MedicX Fund                                                                              [phone]

David Staples, Chairman

Buchanan Communications                                                          [phone]

Charles Ryland / Sophie McNulty

Information on MedicX Fund Limited

MedicX Fund Limited ("MXF", the "Fund" or the "Company", or together with its subsidiaries, the "Group") is the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom, listed on the London Stock Exchange, with a portfolio comprising 136 properties.

The Investment Adviser to the Company is MedicX Adviser Ltd, which is authorised and regulated by the Financial Services Authority and is a subsidiary of the MedicX Group. The MedicX Group is a specialist investor, developer and manager of healthcare properties with 31 people operating across the UK.  

The Company's website address is www.medicxfund.com.  Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website), is incorporated into, or forms part of, this announcement.

 

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