Ryman Healthcare completes bank debt refinancing, extends average tenor

Ryman Healthcare has successfully refinanced its NZD2.0 billion syndicated loan facilities, extending the average tenor to five years and introducing a new structure to enhance funding flexibility. This move aligns with the company's strategic pillar of disciplined growth and completes its balance sheet reset, providing increased headroom and resilience.

The total debt facilities now stand at NZD2,198 million, including an existing NZD150 million retail bond, providing over NZD500 million of debt headroom as of 30 September 2025. Key terms include facility maturities ranging from 4.5 to 7.0 years, resulting in a pro-forma weighted term to maturity of 5.0 years, improved pricing for loan margins, and a revised Interest Cover Ratio (ICR) covenant of 1.50x commencing September 2026.

The new ICR covenant specifically excludes interest on designated development debt, with development debt subject to separate controls. Ryman's board remains committed to reviewing its capital management and dividend policies in FY26.