MedicX Fund Limited has announced that it has negotiated extended terms for the £50m private placement of loan notes issued in two tranches during August and December 2014. The renegotiation was facilitated by the original loan note arranger Independent Debt Capital Markets.
The loan notes previously had a duration of five years maturing in August 2019, with an all-in interest rate of 3.80% per annum and no amortisation with the principal value due for repayment on maturity.
With effect from 1 August 2015, the Fund has agreed with the note holder that the loan notes will be reissued with an extended duration and maturity scheduled for December 2028. The all-in fixed interest rate will be reset to 3.99% per annum from the same date. No break costs or arrangement fees are payable by the Fund on modifying the term and coupon of the loan notes. Other features of the arrangement remain unchanged, with the same covenants and properties secured against the funds.
Including this modified facility and the second draw down of the new facility announced on 1 May 2015, the average all-in fixed rate of the Fund’s debt has increased from 4.42% to 4.45% and the average unexpired term has extended from 13.8 years to 15.1 years.
MXF : MedicX extends debt maturity