Ryman Healthcare increases bank facilities, adjusts ICR covenant

Ryman Healthcare has announced that it has extended its bank facilities and made changes to its interest coverage ratio (ICR) covenant.

The company's bank facility limit has been increased by NZ$119 million to NZ$2.600 billion, resulting in total debt facilities of NZ$3.022 billion.

The average tenor of all debt facilities has increased from 2.6 to 3.6 years.

The ICR covenant has been amended to be calculated as adjusted EBITDA to total interest, and the interest costs incurred on repaid USPP notes will be excluded from the calculation.

The ICR covenant levels remain unchanged until 31 March 2025, after which they will increase.

The changes provide the company with improved flexibility to respond to market conditions.