?50 million private placement of loan notes

RNS Number : 8296Z

The MedicX Fund Limited

16 December 2014

 



For immediate release                                                                                    

16 December 2014

MedicX Fund Limited

("MedicX Fund", "the Fund" or "the Company")

£50 million private placement of loan notes

Further to the announcement on 26 August 2014, MedicX Fund Limited (LSE: MXF), the specialist primary care infrastructure investor in modern purpose-built primary healthcare properties in the United Kingdom, today confirms that it has completed the second drawdown of £35 million under the £50 million private placement agreed in August 2014.  

The loan notes have a duration of five years maturing in August 2019, with no amortisation and the principal value repayable on maturity. The funds will be secured against certain properties and the all-in interest rate on the notes is fixed at 3.80%.

On 28 November 2014, the Group repaid its GE Capital real estate loan of £31.2 million that was due in April 2015, by drawing down £25 million from its revolving loan facility and utilising existing cash reserves.

Following this completion of the second closing of the loan note facility, the £25 million revolving loan facility will be repaid.

With completion of the loan notes and repayment of the revolving facility, the average all-in fixed rate of debt for the Fund is 4.52% with an average unexpired term of 14.5 years.  Assuming the full drawdown of all available facilities and immediate investment of the proceeds in the completion of existing properties under construction and the purchase of new completed properties, adjusted gearing (the ratio of total debt to total assets in each case net of cash and cash equivalents) would be expected to be approximately 54.2%.

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For further information please contact:

Octopus Healthcare Group                                                           [phone]

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

MedicX Fund                                                                              [phone]

David Staples, Chairman

Buchanan Communications                                                          [phone]

Charles Ryland/Sophie McNulty

Information on MedicX Fund Limited

MedicX Fund Limited ("MXF", the "Fund" or the "Company", or together with its subsidiaries, the "Group") is the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom, listed on the London Stock Exchange, with a portfolio comprising 137 properties.

The Investment Adviser to the Company is Octopus Healthcare Adviser Ltd, which is authorised and regulated by the Financial Conduct Authority and is a subsidiary of the Octopus Healthcare Group. The Octopus Healthcare Group (formerly the MedicX Group) is a specialist investor, developer and manager of healthcare properties with 33 people operating across the UK.   

The Company's website address is www.medicxfund.com.  Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website), nor the contents of any website accessible from hyperlinks within this announcement, are incorporated into, or forms part of, this announcement.

 

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