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LONDON (Alliance News) - Impact Healthcare REIT PLC said Monday it has signed a GBP50 million five-year loan facility with Metro Bank PLC.
The real estate investment trust, which invests primarily in care homes, said that the GBP50 million consists of a GBP25 million interest only term loan and an additional GBP25 million revolving credit facility.
This is the trust's first debt facility. The term loan is repayable without penalty after two years and has a 1% penalty if it is prepaid within those two years. The revolving credit facility can be repaid at any time with no penalty.
The entirety of the term loan and GBP5 million of the revolving credit facility are secured on a portfolio of 30 care homes.
The company and its subsidiaries will have a loan to value of 20% if the facility is fully drawn.
Impact Healthcare said that the loan will assist in the management of its capital structure and help the trust, along with its subsidiaries, in "future growth plans".
Shares in Impact Healthcare were down 1.0% at 102.02 pence on Monday.