Ryman Healthcare (Ryman) agreed to changes to its debt agreements and extended one of its credit lines.

Ryman’s Interest Coverage Clause (ICR) levels, which apply to both bank lines and institutional term loans (ITL), have been changed for test periods through March 2026 (see table below). The ICR level remains at 2.25x for test periods after that period. There are no changes to the ICR calculation (adjusted EBITDA to gross interest expense1), other Ryman financial covenants, or Ryman’s credit margins.

Chief Financial Officer Rob Woodgate said: “As we outlined in our Business Recovery Update on 2 September 2024, given the ongoing uncertainty surrounding residential market conditions in the near term, we believe it is prudent to obtain additional headroom for the upcoming testing periods. Discussions with our lenders have been positive and they continue to be very supportive of Ryman.”

In addition, a bank loan of USD 115 million, which previously matured on September 30, 2024,

has been extended until April 1, 2026.

Ryman’s total debt instruments are NZ$3,018 million, comprising NZ$2,598 million of syndicated bank instruments, NZ$150 million of retail bonds and A$250 million of ITL. The average maturity of all instruments is 2.8 years as of 10 September 2024.

ICR Covenant Table

12 months to 30 September 2024, Previous: 1.75x, Changed: 1.50x

12 months to 31 March 2025, Previous: 1.75x, Changed: 1.50x

12 months to 30 September 2025, Previous: 2.00x, Changed: 1.75x

12 months to 31 March 2026, Previous: 2.25x, Changed: 2.00x

END

About Ryman:

Ryman Healthcare was founded in Christchurch in 1984 and owns and manages 49 retirement villages in New Zealand and Australia. Ryman Villages is home to 14,600 residents and the company employs 7,700 staff.

Communication:

For investor relations enquiries, please contact Hayden Strickett, Director of Investor Relations, on 027 303 1132 (+64 27 303 1132) or [email protected]

For press information or images please contact Camille Middleditch on 028 422 3472 or [email protected]

1: For more details, please see Appendix 11 in Ryman Healthcare’s 2024 results presentation (link).

2: Includes Australian dollars and multi-currency instruments, both presented in New Zealand dollars.

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