Lifestyle Communities increases its debt facility

29 October 2022

Lifestyle Communities Limited has agreed terms with CBA, NAB and HSBC to increase its debt facility by $150 million from $375 million to $525 million.

The extension is a separate 5-year tranche under the existing common terms deed. All material terms and covenants remain unchanged, though pricing has not been disclosed.

The $525 million facility is now comprised of three tranches:

  1. Tranche 1 – $110 million – Expires June 2025
  2. Tranche 2 – $265 million – Expires August 2026
  3. Tranche 3 – $150 million – Expires October 2027

The additional headroom is considered appropriate to help facilitate sustainable future growth. The Company anticipates increasing the utilisation of the facility throughout the five-year term. Increased utilisation will be subject to existing internal capital management disciplines and covenant requirements.

Lifestyle Communities Managing Director James Kelly said “This is an important step in the evolution of Lifestyle. Increasing the facility size will provide additional capacity to assist with future land acquisitions and development costs. We are grateful for the continued support of our banking partners CBA, NAB and HSBC and are excited to continue our relationship with them. Our capital management initiatives will remain an ongoing priority as we seek to continue the sustainable growth of Lifestyle by acquiring up to three new sites every 12 months.”