Successful completion of full bank debt refinance

NZX & ASX RELEASE

Ryman Healthcare has successfully completed a full refinancing of its $2.0 billion syndicated loan facilities, extending the average tenor to five years and introducing a new structure that enhances funding flexibility.

Ryman signalled its intention to optimise its debt funding structure at the time of its $1.0 billion equity raise in February 2025, aligning with the strategic pillar of disciplined growth.

CEO Naomi James said, “This refinancing represents the completion of Ryman’s balance sheet reset. The new facility better aligns our funding structure with our operating model and the new covenant package provides increased headroom and resilience through the cycle. We’re pleased with the strong support from our lending group and confident that the enhanced structure positions us well to deliver on our strategic priorities”.

The size of Ryman’s loan facility is broadly unchanged, with total debt facilities sitting at $2,198 million including its existing $150 million retail bond (maturing December 2026), providing over $500 million of debt headroom at 30 September 2025.

Key terms of the refinancing include:
- Total facility size of $2,048 million
- Facility maturities ranging from 4.5 to 7.0 years, with a pro-forma weighted term to maturity of 5.0 years at 30 September 2025
- Improved pricing for loan margins and line fees
- Interest cover ratio (ICR) covenant of 1.50x commencing from September 2026
- ICR covenant excludes interest on designated development debt
- Development debt subject to development controls.

Consistent with previous communications, the Board remains committed to reviewing capital management and dividend policies in FY26.

Authorised by
Morgan Powell
General Counsel

About Ryman
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 49 retirement villages in New Zealand and Australia. Ryman villages are home to 15,300 residents, and the company employs 7,800 staff.

Contacts
For investor relations information
Hayden Strickett, Head of Investor Relations
[email protected]

For media information
Sarah Greig, GM Corporate Affairs and Communications [email protected]

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Announcement PDF