In QuotedData’s morning briefing 28 December 2022:
- Literacy Capital (BOOK) has completed the sale of its entire interest in Hometree, generating £3.8m for the trust. This represents a 1.3x return on BOOK’s investment. The cash was used to pay down borrowings and will be recycled in new investments in due course. Richard Pindar, director of Literacy Capital and CEO of its investment manager, commented: “This sale sees Literacy exit one of its few remaining growth capital investments. This is in line with Literacy’s stated objective to focus for new investment activities and its capital on the buyout of profitable, private businesses, rather than more risky investments into earlier stage, growth capital or venture investments.”
- Impact Healthcare REIT (IHR) has agreed an increase in the size (from £25m to £50m), an extension to the term (to December 2029 from March 2024) and a reduction in the margin (from 225bp or 2.25% over SONIA to 200bp) of its existing revolving credit facility (RCF) with Clydesdale Bank PLC trading as Virgin Money. This increasesits weighted average term of debt from 6.2 to 6.9 years. Debt expiring in the next three years amounts to just £15m (the remainder of the Metro Bank term debt). Overall, this increases debt facilities from £216m to £241m, of which £142.3m is currently drawn. £100m or 70% of the drawn debt is currently hedged. LTV at 30 September 2022 was 21.4% and is currently 22.8% on a roll-forward basis.