Summerset Completes Loan Facility Refinance

NZX & ASX RELEASE 31 MARCH 2017 SUMMERSET COMPLETES LOAN FACILITY REFINANCE Summerset Group has completed a NZ$600 million syndicated loan facility refinance. This is an increase from the NZ$450 million syndicated loan facility that was previously in place, and allows the Group to continue to fund growth initiatives across both existing and future retirement villages. The Group currently has NZ$283 million of debt, being 47% of the NZ$600 million now in place, leaving substantive headroom for future development or unexpected economic cycle events. Summerset Group Chief Executive Officer Julian Cook said Summerset continues to receive strong support from financial institutions. "We adopt a prudent approach to debt levels and having conservative levels of headroom puts us in good shape for continued development, and also in the event of a property downturn. "Completing this refinance provides strong levels of certainty for future years for funding of development projects and continued growth of the business." The syndicated loan facility comprises tranches which are a mix of 3.4 and 5 years, with 37.5% maturing in August 2020 and 62.5% maturing in March 2022. The facility is intended to be used for funding development projects. The gearing ratio for the Group at its balance date on 31 December 2016 was 32.7%, down from 37.1% at 31 December 2015. The loan facility syndicate comprises ANZ Bank New Zealand Limited, Bank of New Zealand and ASB Bank Limited. ENDS For investor relations enquiries: Scott Scoullar Chief Financial Officer scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Michelle Brooker Senior Communications Advisor michelle.brooker@summerset.co.nz 04 830 1106 or 021 225 9624 End CA:00299158 For:SUM Type:GENERAL Time:2017-03-31 13:52:10