Vital extends bank debt facilities

17 December 2015

Vital extends bank debt facilities

Vital Healthcare Management Limited (‘Manager’) the manager of Vital Healthcare Property Trust (‘Vital’) today announced that it had favourably repriced and extended its existing bank facilities on more competitive terms and added an additional A$100m tranche expiring October 2020.

The Manager confirmed it had secured the following with respect to its existing banking facilities:

Repricing existing tranches totalling A$225m whilst retaining March 2019 expiry;

Extending and repricing existing tranches of A$100m and NZ$20m from March 2017 to October 2020; and

Adding a new A$100m tranche with a October 2020 expiry.

The repricing benefits from lower line and margin fees in a competitive pricing environment. Vital has retained strong support from its existing capital partners being the ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited and the Bank of New Zealand.

The bank facility provides further headroom for Vital to deliver on its strategy of scale and diversification by providing additional flexibility for new development and acquisition opportunities as they arise.

Vital’s weighted average bank facility term to expiry has been increased to 4.1 years from 2.6 years, providing added certainty and duration of funding. All other core terms and conditions remain unchanged.

– ENDS -

© Scoop Media