Successful completion of full bank debt refinance

RYMAN HEALTHCARE LIMITED 1
NZX & ASX RELEASE
Successful completion of full bank debt refinance
24 November 2025
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
1
of 1.50x commencing from September 2026
- ICR covenant excludes interest on designated development debt
2

- Development debt subject to development controls.

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



1
Rolling 12-month adjusted EBITDA to interest (excluding interest on development debt) tested on 31 March and 30
September. Adjusted EBITDA is defined as reported net profit after tax, adjusted by excluding income tax, interest income,
finance costs, depreciation, amortisation, impairment losses, fair value movements, deferred management fees, and one-
off revenue and expenses, and including non-GAAP items: cash deferred management fees collected, and gross resale
gains on occupation right agreements.
2
Based on forecast net cash proceeds for committed developments and the cost of New Zealand care centres under
development or opened in the past 24 months. Development debt for new projects is included once lenders approve
feasibility and substantive steps towards the development have commenced.

RYMAN HEALTHCARE LIMITED 2

Debt funding details
Debt facilities ($ million) Prior Revised
NZD & AUD bank facilities 2,059 2,048
NZD retail bond 150 150
Total facilities at face value 2,209 2,198
Average term to expiry (pro-forma at 30 Sep):
Retail bond 1.2 years 1.2 years
Syndicated bank facilities 2.2 years 5.1years
Total debt facilities 2.2 years 4.8 years

Debt maturity profile ($m)


ENDS

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
hayden.strickett@rymanhealthcare.com


For media information
Sarah Greig, GM Corporate Affairs and
Communications
sarah.greig@rymanhealthcare.com

710
507
578
444
150
524
246
75
798
353
51
1,322
599
126
FY26FY27FY28FY29FY30FY31FY32FY33
Prior debt facilitiesRetail BondBank debt (NZ)Bank debt (AU)