Triple Point Social Housing REIT increases revolver to £130 million

By Sarah Lizee

Olympia, Wash., Oct. 29 – Triple Point Social Housing REIT plc secured a £60 million extension to its existing £70 million revolving credit facility provided by Lloyds Bank plc, according to a press release.

As part of the extension, National Westminster Bank plc will provide debt alongside Lloyds Bank and on identical terms.

The group now has the ability to draw a total of up to £130 million under the revolver.

The initial four-year term of the revolver is unchanged and expires on Dec. 20, 2022. Subject to lender approval, the revolver may be extended by a further two years to Dec. 20, 2024.

The interest rate is Libor plus 185 basis points.

The debt is provided on a non-recourse basis to the company.

When fully drawn, the revolver will represent a loan-to-value of 40% secured against a defined portfolio of the group's specialist supported housing assets located throughout the United Kingdom and held in a wholly owned group subsidiary.

Triple Point said the extension of the revolver will provide the group with additional committed capital at an attractive margin to help finance the acquisition of supported housing assets from its pipeline.

The extension represents the group's third debt raise since inception in 2017.

The group targets a long-term level of total borrowings equal to 40% of the group's gross asset value, subject to a limit of 50%.

As of June 30, the aggregate borrowings drawn represented 21% of the group’s gross asset value.

Triple Point is a real estate investment trust based in the United Kingdom.

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