• Lifestyle Communities secures $300 million Note Purchase and Private Shelf Facility and $125 million Revolving Bank Debt Facility
• Facilities provide longer tenor and simplify financing structure
• Interest Cover Ratio (ICR) covenant reset to nil until June 2028 to support recovery in Victorian property market

Lifestyle Communities Limited (ASX: LIC) has agreed arrangements to restructure and right-size its existing debt facilities. The new facilities comprise a $300.0 million Note Purchase and Private Shelf Facility with an initial issuance of $250.0 million and weighted average tenor of 6.75 years, and a $125.0 million Revolving Bank Debt Facility with a tenor of 3 years. The Note Purchase and Private Shelf Facility will be provided by PGIM Inc., a major global pension fund, and the Revolving Bank Debt Facility will be provided by one of Lifestyle Communities' existing lenders, National Australia Bank Limited (NAB). The transaction simplifies Lifestyle Communities' financing structure while providing longer tenor with no Interest Cover Ratio (ICR) covenant until the 30 June 2028 reporting period. This will allow the company time for sales rates to recover and set the business up for the next property cycle uplift in Victoria. The new facilities will be used to refinance the Group's existing debt and provide ongoing funding flexibility for the Group's operations. Lifestyle Communities CEO Henry Ruiz said the new facilities have been supported by two high-quality lenders and enable the company to further right-size its debt facilities, improve tenor, simplify the syndicate structure and obtain a reset of the ICR covenant.

At the date at which the refinancing is effective, Lifestyle Communities anticipates that $250.0 million of the Notes will be issued under the PGIM Note Purchase and Private Shelf Facility, and the $125.0 million NAB Revolving Bank Debt Facility will be largely drawn down, with headroom available to provide the Group with financial flexibility until its maturity in January 2029.