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Extension and expansion of bank facility
Vital Healthcare Property Trust (Vital) announced today that it has extended and expanded its existing bank facility adding A$100m of additional capacity.
Two tranches of the Trust’s existing facility with ANZ and BNZ were due to expire on 31 March 2019 and renewed as follows:
• Tranche A, representing A$125m, was extended to March 2021.
• Tranche B was expanded to A$200m (from A$100m previously) and extended to July 2022.
Following the refinancing activity Vital’s weighted average debt maturity increased by 1.1 years to 3.2 years.
It is expected that Vital’s weighted average effective interest rate on borrowings (inclusive of margin, fees, and hedging) will be 4.43% with approximately 64% of drawn borrowings at fixed rates.
An updated debt maturity profile is attached as an appendix to this announcement.
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