Friday 1st October 2021
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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.
Please see the link below for details
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