Today we've announced the refinancing of our revolving credit facility (“RCF” or “facility”).
The new facility provides us with improved terms and flexibility compared to the existing agreement:
- increased from £125 million to £200 million and matures in October 2026
- reduced margin (headline rate 135 basis points with ratchet based on leverage) and overall cost, reflecting the strength of the business
- ability to draw facility in both GBP and EUR
- option to extend the facility by two additional one-year terms (to October 2028), subject to lender approval.
Reflecting our long-term social impact and sustainability targets, the RCF now also includes sustainability-linked KPIs and commitments. Achievement of these KPIs, which are aligned with the existing targets of the business, will result in the margin being adjusted up or down by 5 basis points and the difference being donated to the Assura Community Fund.
The RCF is provided by Barclays Bank PLC, HSBC UK Bank plc, National Westminster Bank plc and Santander UK plc. Assura was advised by Rothschild & Co and Addleshaw Goddard.
Jayne Cottam, our CFO, said:
“We are delighted to have increased our RCF to £200 million, extending the long-term relationship we have with our lenders. As well as improving the terms, reflecting the strength of our business, this agreement locks in flexible financing for our future activities.
“Following this agreement, £800 million of our committed facilities now have a sustainability-linkage, aligning our financing with our ambitious ESG targets that are intrinsic to Assura’s business model.”