Ryman Healthcare (RYM) Investor presentation summary

Offer highlights

• Launch of a 6-year, fixed-rate, secured, unsubordinated bond with up to NZ$100 million offered, plus up to NZ$50 million in oversubscriptions, maturing 22 June 2032.

• Proceeds will refinance existing bank debt, upcoming bond maturity, and support general corporate purposes.

• Bonds rank pari passu with all other senior lenders and share the same security package as bank lenders.

• Exchange mechanism allows certain existing bondholders to swap old bonds for new on a one-for-one basis.

• No credit rating assigned to the issuer or the bonds.

Portfolio and operations overview

• Operates 47 retirement villages across New Zealand and Victoria, Australia, with a $12.3 billion asset base.

• Portfolio includes 9,959 units, 4,686 aged care beds, and 15,547 residents, with an average village age of 11.8 years.

• High-quality assets in premium locations, with $351 million land bank and significant development optionality.

• Integrated care model offers independent living, serviced apartments, and aged care within each village.

• Only two sites under construction, limiting exposure to construction cost inflation.

Funding and security structure

• Completed full refinancing of $2 billion bank facilities, with no bank maturities until FY31 and $675 million debt headroom.

• Industry-low gearing at 27.8%, with a target range of 25–30% in the short term.

• $6.0 billion in assets available as security for lenders; security structure provides bondholders with equal ranking to banks.

• Financial covenants include a Debt to Equity ratio not exceeding 1.0:1.0 and Guaranteeing Group Coverage of at least 90%.

• Significant headroom in covenants and progressive deleveraging targeted through cash release from operations and asset sales.