Triple Point Social Housing REIT REVOLVING CREDIT FACILITY EXTENDED TO £130 MILLION (3907R)
29 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSOHO
RNS Number : 3907R
Triple Point Social Housing REIT
29 October 2019
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU)
NO. 596/2014.
29 October 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
REVOLVING CREDIT FACILITY EXTENDED TO GBP130 MILLION
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that the Group has secured a GBP60 million
extension to its existing GBP70 million Revolving Credit Facility
previously provided exclusively by Lloyds Bank plc (the "RCF"). As
part of the extension, National Westminster Bank plc ("NatWest")
will provide debt alongside Lloyds Bank plc and on identical terms.
The Group now has the ability to draw a total of up to GBP130
million under the RCF.
The initial four year term of the RCF remains unchanged and
expires on 20 December 2022 and, subject to lender approval, may be
extended by a further two years to 20 December 2024. The interest
rate in respect of drawn amounts under the RCF is 1.85 per cent per
annum over 3 month LIBOR and the debt is provided on a non-recourse
basis to the Company.
When fully drawn, the RCF will represent a loan-to-value ("LTV")
of 40 per cent secured against a defined portfolio of the Group's
specialist supported housing assets located throughout the UK and
held in a wholly owned Group subsidiary.
Triple Point Investment Management LLP, the Group's Delegated
Investment Manager, continues to identify attractive investment
opportunities for the Company's portfolio. The extension of the RCF
will provide the Group with additional committed capital at an
attractive margin, to help finance the acquisition of supported
housing assets from its pipeline.
The extension of the Group's RCF represents the Group's third
debt raise since inception in 2017. The Group targets a long term
level of aggregate borrowings equal to 40 per cent of the Group's
gross asset value, subject to a limit of 50 per cent (calculated at
the time of draw down). As at 30 June 2019, the aggregate
borrowings drawn represented 21 per cent of the Group's gross asset
value.
Chris Phillips, Chairman of Triple Point Social Housing REIT
plc, said:
"We are delighted that NatWest has joined Lloyds as a new lender
through the RCF. Securing an additional GBP60 million of debt
capital whilst retaining the original, competitive terms of the RCF
provides the Group with the highest degree of flexibility for its
deployment programme over the next six to nine months. We are
pleased to welcome NatWest as a new counterparty into our lending
group and value both lenders' continued support of the UK social
housing sector."
Gowling WLG acted as legal adviser to the Group.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Investec Bank plc (Joint Financial Tel: 020 7597 4000
Adviser and Corporate Broker)
Lucy Lewis
Denis Flanagan
Tom Skinner
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com.
NOTES:
The Company invests in primarily newly developed social housing
assets in the UK, with a particular focus on supported housing. The
assets within the portfolio are subject to inflation-adjusted,
long-term (typically from 20 years to 30 years), Fully Repairing
and Insuring ("FRI") leases with Approved Providers (being Housing
Associations, Local Authorities or other regulated organisations in
receipt of direct payment from local government). The portfolio
comprises investments into properties which are already subject to
an FRI lease with an Approved Provider, as well as forward funding
of pre-let developments but does not include any direct development
or speculative development.
There is increasing political and financial pressure on Housing
Associations to increase their housing delivery and this is
creating opportunities for private sector investors to participate
in the market. The Group's ability to provide forward financing for
new developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents as well as delivering returns to
investors.
Triple Point Investment Management LLP (part of the Triple Point
Group) is responsible for management of the Group's portfolio (with
such functions having been delegated to it by Langham Hall Fund
Management LLP, the Company's alternative investment fund
manager).
The Company was admitted to trading on the Specialist Fund
Segment of the Main Market of the London Stock Exchange on 8 August
2017 and was admitted to the premium segment of the Official List
of the Financial Conduct Authority and migrated to trading on the
premium segment of the Main Market on 27 March 2018. The Company
operates as a UK Real Estate Investment Trust ("REIT") and is a
constituent of the FTSE EPRA/NAREIT index.
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contact rns@lseg.com or visit www.rns.com.
END
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