By Rebecca Melvin
Concord, N.H., Dec. 22 – Impact Healthcare REIT plc has obtained £75 million of secured notes in two series provided by two large U.K. insurance companies, according to an announcement on Wednesday.
The notes, which priced on Tuesday, represent Impact's debut transaction in the institutional debt market. The first tranche lengthened the group's weighted average debt term to 4.7 years. This will further lengthen upon drawdown of the second tranche in June.
The first tranche of £37 million of notes has a fixed coupon of 2.932% and matures December 2035.
The second tranche of £38 million of notes has a fixed coupon of 3.002% and matures June 2035.
Following drawdown of the first tranche on Tuesday, £10 million of the revolving credit facility with Metro Bank has been canceled, further reducing loan facilities with Metro Bank to £30 million from £40 million. The remainder of proceeds will be used to fund the group's pipeline of investments.
After the drawdown of the first tranche and repayment of Metro Bank, the group's total available debt stands at £168 million of which £104.5 million is drawn.
The real estate investment trust is based in the United Kingdom.
| Issuer: | Impact Healthcare REIT plc
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| Amount: | £75 million
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| Issue: | Senior secured notes
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| Pricing date: | Dec. 21
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|
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| First tranche
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| Amount: | £37 million
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| Maturity: | December 2035
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| Coupon: | 2.932%
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|
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| Second tranche
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| Amount: | £38 million
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| Maturity: | June 2035
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| Coupon: | 3.002%
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