Ryman Healthcare Limited announced that it has extended its bank facilities and made an amendment to its interest coverage ratio (ICR) covenant. The company's bank facility limit has been increased by NZD 119 million to NZD 2.600 billion. As a result, total debt facilities are now NZD 3.022 billion which includes an existing retail bond of NZD 150 million and an existing institutional term loan of AUD 250 million.

The average tenor of all debt facilities has increased from 2.6 to 3.6 years at 21 September 2023. As part of the renegotiated bank facilities the interest coverage ratio (ICR) covenant, which applies to both bank debt and the institutional term loan, has been amended to be calculated as adjusted EBITDA to total interest (previously adjusted EBIT to total interest) and the interest costs incurred on repaid USPP notes will be excluded from the calculation. Ryman fully repaid its USPP notes in March 2023 in conjunction with its $902 million equity raise.

The ICR covenant levels remain unchanged at 1.75x for all reporting periods through to 31 March 2025, then moving to 2.00x at 30 September 2025 and 2.25x thereafter.