In QuotedData’s morning briefing 29 June 2023:
- Secured Income Fund (SSIF) will make a seventh return of capital amounting to £3,159,621 by issuing B shares to ordinary shareholders and then redeeming them. To be eligible, shareholders must be on the register on 6 July. The money should be paid around 17 July. This takes the company’s assets below £7m and therefore the next step is to de-list the company from 4 August. The remaining portfolio is comprised of 10 loans with a carrying value of £5.3m in total, and three loans with a zero value. Completion of the managed wind down process is expected to be in a year to 18 months’ time.
- Schroder BSC Social Impact (SBSI) has published its second annual impact report which you can read here.
- Impact Healthcare REIT (IHR) has increased the size and extended the maturity of its revolving credit facility (RCF) with NatWest and extended its RCF with HSBC by a year. The NatWest RCF has been increased by £24m, making the total facility £50m. It has also been extended by four years, from June 2024 to June 2028, with a further two one-year extension options (subject to lender approval) to June 2030. In recognition of the maturity extension, the margin will be 200 bps above SONIA (up from 190 bps). The interest cover covenant has been reduced from 250% to 175% in the first two years, increasing to 200% for the remainder of the term. The group has also agreed a one-year extension option to its HSBC RCF to April 2026. The interest cover covenant is being reduced from 250% to 200%, with the margin remaining at 200 bps above SONIA. The group has repaid the remaining £15m outstanding under the Metro Bank debt facility, which matured in June 2023. It now has total available debt of £250m, of which £191m is currently drawn. The weighted average term of debt has increased from 6.3 years in December 2022, to 6.8 years (excluding extension options). The group’s gross loan to value ratio at 31 March 2023 was 28.3% and is currently 28.9% on a roll-forward basis. The group has £125m of debt currently fixed or hedged, after the expiry of a £25m interest rate cap in June 2023. 66% of the drawn debt is currently hedged and the group is reviewing options to increase this. The average cost of drawn debt is currently 4.8% and would increase by 17 bps for every further potential 50 bps increase in SONIA.
- Civitas Social Housing (CSH), which has received an unconditional offer to take the company private, reported annual results to 31 March 2023 in which its NAV fell slightly to 109.16p per share (from 110.3p). EPRA earnings per share was down 8.1% to 4.43p, while the company paid dividends of 5.7p for the year. The company has recorded an NAV total return since IPO of 41.8%.