UK care home investor Impact Healthcare REIT and HSBC have agreed a new £50 mln (€57 mln) revolving credit facility.
The arrangement is for three years with the possibility of another two years.
Under the terms of the facility, Impact Healthcare is able to draw £34 mln (€39 mln) at once while £15.5 mln (€17.6 mln) mln can be drawn down in future.
‘The facility will help the Group to continue to manage its capital structure in line with its investment policy in a flexible manner and will support the Group with its future growth plans,’ said a spokesperson for the REIT.
‘However, the Group has no plans to drawdown more debt than is required to finance the existing outstanding commitments until the impact of the COVID-19 pandemic is clearer.’
Impact Healthcare announced it has received 100% of rent due this month, which represents 98.3% of the group’s total rent roll. Rent due from NHS Cumbria representing the remaining 1.7% of the Group’s total rent roll, is expected to be paid later in the month as usual.