Vital has successfully secured A$315m in new debt facilities on improved pricing, increasing limits by A$65m to fully refinance the November 2021 and January 2022 facility
expiries and support Vital’s strong pipeline of value enhancing opportunities.
As a result, Vital’s weighted average debt maturity has been increased by 1.4 years, from 2.5 to 3.9 years, consistent with Vital’s strategy of increasing debt tenor to closer align with
its market-leading Weighted Average Lease Expiry of 18.7 years.
Refinancing highlights include:
– Tranches totalling A$175m secured on 7-year terms, including the introduction of a new financier to further improve lender diversity;
– Tranches totalling A$40m secured for a term of 5 years;
– A 2.5-year A$100m multi-currency tranche; and
– Vital’s next refinancing event is in FY23.
Over the last 9 months, Vital has increased its number of lenders from two to six, in addition to significantly modernising its financing arrangements.
This is a continuous journey and, in addition to the above, Vital is well underway with a process to further enhance its funding structure with additional long term debt. More details will be provided in advance of its Interim Results release later this year.
– ENDS –
Fund Manager, Vital Healthcare Property Trust
Tel 09 973 7301, Email firstname.lastname@example.org
Chief Financial Officer, NorthWest Healthcare Properties Management Limited
Tel +61 409 936 104, Email email@example.com
About Vital (NZX code VHP):
Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare properties in New Zealand and Australia including private hospitals (~85% of portfolio
value), ambulatory care facilities (~10% of portfolio value) and aged care (~5% of portfolio value).
Vital is the leading specialist listed landlord of healthcare property in Australasia and currently has a portfolio valued at over $2.6 billion.
Vital is managed by NorthWest Healthcare Properties Management Limited, a subsidiary of Toronto Stock Exchange listed NorthWest Healthcare Properties REIT, a global owner
and manager of healthcare property.
For more information, visit our website: www.vhpt.co.nz
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