Ryman Healthcare Revises Debt Covenants, Extends NZ$115 Million Bank Facility
Ryman Healthcare (NZE:RYM) lowered the debt covenants applied to its bank facilities and institutional term loan for testing periods through to March 2026 amid uncertainties in the residential property market, according to a Tuesday filing with the New Zealand bourse.
The interest coverage ratio (ICR) has been revised to 1.50x from 1.75x for covenant testing period covering the 12 months to Sept. 30 and March 31, 2025. It has also been amended to 1.75x from 2x for the 12 months to Sept. 30, 2025, as well as to 2x from 2.25x for the 12 months to March 31, 2026.
"[G]iven the continued uncertainty around residential property market conditions in the near term, we believe a prudent step is to attain additional covenant headroom for upcoming testing periods," said Chief Financial Officer Rob Woodgate.
The ICR covenant level remains at 2.25x for testing periods beyond 2026.
Further, a NZ$115 million bank facility has been extended to April 1, 2026, from Sept. 30.
Ryman's debt facilities total about NZ$3.02 billion, the filing said.
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