Radius Residential (NZX:RAD): What are its new banking facilities?

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Radius Residential (NZX:RAD): What are its new banking facilities?

 Radius Residential (NZX:RAD): What are its new banking facilities?
Image source: Harry Beugelink,Shutterstock

Highlights

  • Radius Residential Care is one of the well-known aged-care providers in New Zealand.
  • The Company announced entering new banking facilities, thereby targeting growth and development.

Radius Residential Care Limited (NZX:RAD) has revealed of entering into a commitment to increase and restructure its current banking facilities with ASB, its banking partner.

Established in 2003, the Company offers world-class retirement living and provides exceptional care for the elderly and disabled people in New Zealand.

Related Read: Which are the well-known retirement village shares in New Zealand?

Radius Residential Care’s retirement village

Source: Copyright © 2021 Kalkine Media

RAD increases its existing debt

With its new banking facilities, Radius Residential Care’s existing debt has now been raised to NZ$62 million, from its earlier debt of NZ$18.8 million and comprise of a NZ$20 million development finance facility for both its existing as well as new developments.

Another NZ$20 million funding facility for new acquisitions, plus a funding facility amounting to NZ$20 million for current developments and general purposes.

Moreover, the Company has maintained a strong cash position by retaining cash worth NZ$6.3 million from its latest capital raise.

Brien Cree, RAD’s Managing Director stated that with these new banking facilities the Company would continue to focus on target acquisitions of strategic importance and, these would greatly help in the progression of RAD’s plans for further greenfield and brownfield developments.

However, it is pointed out that the above-mentioned banking facilities are subject to official documentation with ASB.

On 22 September, at the time of writing, Radius Residential Care was trading flat at NZ$0.530.

Bottom Line

Radius Residential Care aims to become the best-aged care provider across NZ and is focused on meeting the highest care standards, thereby ensuring the wellbeing of its residents.

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