Civitas Social Housing PLC New Loan Facility (7329L)

TIDMCSH

RNS Number : 7329L

Civitas Social Housing PLC

10 September 2019

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

GBP60 million 5 Year Term Loan Facility with National Westminster Bank Plc

The Board of Civitas Social Housing PLC is pleased to announce that the Company has agreed a new GBP60 million 5-year term loan facility, with extensions for an additional two years and the option of a further GBP40 million accordion from National Westminster Bank Plc (the "Bank" and the 'Facility').

The Facility is based upon a competitive margin over three-month LIBOR that has been fixed by way of a five-year swap. The margin level of the facility is consistent with the Company's existing investment quality debt and is secured by a ring-fenced portfolio of certain of the Company's existing properties. The accordion option can be requested by the Company during the first 18 months of the Facility and is subject to Bank consent.

The Facility increases the Company's financial flexibility and broadens the profile of the existing debt. It also demonstrates the continued attraction of the supported housing sector to major lenders in the UK who benefit from a detailed understanding of the positive eco-system in which the Company's properties reside.

Michael Wrobel, Chairman of Civitas, commented: "We are delighted to have secured this new competitively priced facility, which follows a detailed programme of due diligence and independent third-party valuation by the Bank. The facility will enable the delivery of further safe, high quality homes for vulnerable adults in the UK."

Mark Pope, Director at NatWest Real Estate, commented: "NatWest is proud to support Civitas in the delivery of much needed new social homes across the country. Our funding reflects the flexible, consistent and sustainable approach NatWest has to providing finance to all parts of the residential sector, to ensure the continued availability of appropriate housing."

For further information, please contact:

 
Civitas Housing Advisors Limited 
Paul Bridge                           Tel: +44 (0)20 3058 4844 
Andrew Dawber                         Tel: +44 (0)20 3058 4846 
 
Cenkos Securities PLC 
Sapna Shah                            Tel: +44 (0)20 7397 1922 
Tom Scrivens                          Tel: +44 (0)20 7397 1915 
 
Buchanan 
Helen Tarbet / Henry Harrison-Topham  Tel: +44 (0) 20 7466 5000 
Henry Wilson / Hannah Ratcliff        civitas@buchanan.uk.com

Notes:

Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing across the UK. The Company is advised by Civitas Housing Advisors Limited, who are authorised and regulated by the Financial Conduct Authority under Firms Reference Number 815699. 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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September 10, 2019 02:01 ET (06:01 GMT)

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