Summerset Completes Loan Facility Refinance

Summerset Group Holdings Limited
Level 27, Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz

NZX & ASX RELEASE

31 MARCH 2017

SUMMERSET COMPLETES LOAN FACILITY REFINANCE

Summerset Group has completed a NZ$600 million syndicated loan facility refinance.
This is an increase from the NZ$450 million syndicated loan facility that was previously in place,
and allows the Group to continue to fund growth initiatives across both existing and future
retirement villages.
The Group currently has NZ$283 million of debt, being 47% of the NZ$600 million now in place,
leaving substantive headroom for future development or unexpected economic cycle events.
Summerset Group Chief Executive Officer Julian Cook said Summerset continues to receive
strong support from financial institutions. “We adopt a prudent approach to debt levels and
having conservative levels of headroom puts us in good shape for continued development, and
also in the event of a property downturn.
“Completing this refinance provides strong levels of certainty for future years for funding of
development projects and continued growth of the business.”
The syndicated loan facility comprises tranches which are a mix of 3.4 and 5 years, with 37.5%
maturing in August 2020 and 62.5% maturing in March 2022. The facility is intended to be used
for funding development projects.
The gearing ratio for the Group at its balance date on 31 December 2016 was 32.7%, down from
37.1% at 31 December 2015.
The loan facility syndicate comprises ANZ Bank New Zealand Limited, Bank of New Zealand
and ASB Bank Limited.

ENDS

For investor relations enquiries: For media enquiries:
Scott Scoullar Michelle Brooker
Chief Financial Officer Senior Communications Advisor
scott.scoullar@summerset.co.nz michelle.brooker@summerset.co.nz
04 894 7320 or 029 894 7317 04 830 1106 or 021 225 9624

ABOUT SUMMERSET
 Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 21 villages across the country. In addition, Summerset has six sites for
development in Richmond, Rototuna, Casebrook, Lower Hutt, St Johns and Parnell,
bringing the total number of sites to 27.
 It provides a range of living options and care services to more than 4,200 residents.
 Four-time winner of Retirement Village of the Year and Silver Award winner in the
Reader’s Digest Quality Service Awards 2016.
 The Summerset Group has villages in Aotea, Dunedin, Ellerslie, Hamilton, Hastings,
Havelock North, Hobsonville, Karaka, Katikati, Levin, Manukau, Napier, Nelson, New
Plymouth, Palmerston North, Paraparaumu, Taupo, Trentham, Wanganui, Warkworth and
Wigram.