(Alliance News) - Impact Healthcare REIT said on Wednesday it has agreed to an increase in the size of its existing revolving credit facility with Clydesdale Bank PLC to GBP50 million.
The healthcare-focused real estate investment trust also agreed to an extension to the term and a reduction in the margin of the facility.
Clydesdale Bank is part of Virgin Money UK PLC.
The revised facility has been increased to GBP50 million from GBP25 million and the maturity now extends to December 2029, from March 2024. It has an improved margin of 200 basis points over the sterling overnight index average, down from 225 basis points on the original facility.Â
The agreement increases Impact Healthcare's weighted average term of debt to 6.9 years from 6.2 years, it said. Impact added that this reduces its exposure to debt expiring in the next three years to GBP15 million.
As a result of the agreement, the company's total debt facilities increase to GBP241 million from GBP216 million. Impact Healthcare added that GBP142.3 million of this is currently drawn.
By Heather Rydings, Alliance News senior economics reporter
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Impact Health (IHR)
Virgin Money Uk (VMUK)