(Alliance News) - Impact Healthcare REIT said Monday that it has signed a new revolving credit facility worth GBP50 million with HSBC UK Bank PLC.
The new facility has an initial term of three years, with an option to extend for up to a further two years. GBP34.5 million can be immediately drawn down under the facility, while GBP15.5 million is conditional on the security registration of certain Scottish assets.
"The facility will help the group to continue to manage its capital structure in line with its investment policy in a flexible manner and will support the group with its future growth plans. However, the group has no plans to drawdown more debt than is required to finance the existing outstanding commitments outlined above until the impact of the Covid-19 pandemic is clearer," Impact Healthcare stated.
Also on Monday, the healthcare-focused real estate investment trust said as at April 3, it has received 100% of the rent due from tenants who operate care homes, which reflects 98% of the group's total rent roll.
The remaining rent due is from NHS Cumbria, and is expected to be paid later in the month as usual.
Of the total rent due this months, 91% is rent paid quarterly in advance and 9.5% is rent paid monthly in advance. As at April 1, the total annualised rent roll is GBP24.9 million.
Shares in Impact Healthcare were down 0.2% at 92.80 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Impact Health (IHR)