The new debt facility is unsecured and consists of 3 year and 5 year tranches of A$, Sterling and Euro currencies.
Ramsay’s existing debt facility, which matures in November 2012, will remain in place until the first draw down is made under the new debt facility to refinance the existing facility. Ramsay may make the first drawn down under the new debt facility at any time on or prior to 1 May 2012. Ramsay’s current intention is to make the first draw down on 1 May 2012. The terms of the 3-year and 5-year tranches will commence from the date of the first draw down under the new debt facility.
The new debt facility will allow Ramsay to refinance its existing debt facility and will provide debt headroom of approximately A$600M-A$700M (equivalent), which has been earmarked for its continuing brownfield programme and developments, future acquisitions and working capital.
The refinancing was organised and managed by Ramsay’s team of Bruce Soden, Group Finance Director, and Dayani Perera, Group Finance and Taxation Manager. The Mallesons team supporting Ramsay was led by Scott Gardiner, Partner, who was supported by Sharon Bodell, Special Counsel, and solicitors Jonathan Chau and Alex Hill.
Mallesons has advised Ramsay Health Care on a number of other transactions including the financing/refinancing associated with its acquisition of the Affinity Hospital Group in 2005 and its Capio UK acquisition in 2007.
"We are extremely pleased to have supported our long standing client of nearly 20 years on this significant deal. The favourable terms negotiated under the new facility will put Ramsay in a good position to take advantage of future strategic opportunities," said Scott Gardiner.
Elle LoweSenior Manager, Corporate AffairsT +61 2
M +61 424 168 080