Civitas Social Housing PLC Closed c.GBP71m New Five Year Term Debt Facility (0689Q)
February 16 2023 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 0689Q
Civitas Social Housing PLC
16 February 2023
16 February 2023
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Closing of c.GBP71m 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
GBP70.875m (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 GBP60m 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: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers Tel: +44 (0) 20 3100 2000
/ Owen Matthews
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / Verity Parker civitas@buchanan.uk.com
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
GBP999.5million (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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END
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