VHP
04/07/2014 16:09
GENERAL
REL: 1609 HRS Vital Healthcare Property Trust
GENERAL: VHP: Vital renews attractive debt facilities
Vital Healthcare Management Limited (the Manager) the manager of Vital
Healthcare Property Trust (Vital) today announced that it had secured renewed
bank funding terms for Vital and as a part of a syndicate of banks welcomes
Bank of New Zealand as a new long term funding partner.
The Manager confirmed today it had secured a renewal of its existing banking
facilities (A$225m & NZ$20m) and an additional A$100m. The increased facility
limit will provide headroom and flexibility to allow Vital to continue with
its brownfield development strategy and incremental acquisition opportunities
as they arise. ANZ Bank New Zealand Limited remain a core long term partner
and the syndicated facilities have been provided at competitive rates and
deliver further savings to investors.
The weighted average facility term to expiry has now been increased to 4.1
years (from 1.9 years), providing added certainty and duration. Core terms
and conditions remain unchanged.
Stuart Harrison, Chief Financial Officer of the Manager said "The debt
capital markets remain highly competitive and those benefits will crystallise
as a result of the beneficial terms negotiated. The diversification of
Vital's long term capital providers through the introduction of the Bank of
New Zealand and the re-introduction of Australia and New Zealand Banking
Group Limited is a great outcome and reflects Vital's steady growth profile
over recent years and our expectations moving forward."
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd,
Telephone 09 973 7301,
Email [email protected]
Stuart Harrison, Chief Financial Officer
Vital Healthcare Management Ltd,
Telephone 09 973 7302,
Email [email protected]
End CA:00252456 For:VHP Type:GENERAL Time:2014-07-04 16:09:06
