Ryman Healthcare amends debt covenants, extends banking facility

Retirement village operator, Ryman Healthcare, has reached an agreement to amend its debt covenants and extend one of its banking facilities.

The company's interest coverage ratio covenant levels have been amended for testing periods until March 2026.

This amendment applies to bank facilities and Ryman's institutional term loan.

The interest coverage ratio covenant level will remain at 2.25 times for testing periods beyond March 2026.

In addition, a $115 million bank facility, which was set to mature on Sep 30, 2024, has been extended until Apr 1, 2026.

Ryman's total debt facilities amount to $3.02 billion, with an average term to maturity of 2.8 years.

Chief financial officer, Rob Woodgate, noted that the discussions with lenders were positive and they remained supportive of the company.