Metlifecare Announces Improved Funding Facilities
Retirement Village and Aged Care provider, Metlifecare Limited, has today announced new funding facilities, which will
help support the company’s growth and development strategy.
The new funding lines have been established with a consortium of banking partners, including ANZ as lead arranger, and
are structured to include Working Capital, Core and Development facilities. The facilities being replaced were due to
expire in March 2013, whereas the new facilities provide tenure through to 2015 and 2016. All existing borrowings will
be refinanced from the new facilities.
The Core facility of $80m plus $10m working capital expires in September 2015, and will be utilised to fund business
operations, acquire greenfield land and expand brownfield opportunities.
The Development facility, of up to $80 million, expires in September 2016 and will be used for the building and
development of new Villages and care facilities. It also removes the scheduled repayments and limit reductions in the
previous facility.
Chairman of Metlifecare, Peter Brown, said: “These new facilities offer better terms and conditions, and provide the
company with the flexibility to take advantage of growth and development prospects.
“We currently have a number of potential development opportunities under consideration, and we will announce further
details of these as they come to fruition.
“In addition, we have five Villages where there are further brownfield opportunities including The Poynton and Crestwood
in Auckland, Coastal Villas in the central North Island and The Avenues and Greenwood Park in Tauranga. Together, these
five developments offer the potential for an additional 247 villas and apartments, and we are also exploring additional
care beds at these sites.
“Metlifecare has a strong balance sheet, with solid operating cashflows and confirmed debt facilities in place. We are
well positioned for growth and to take advantage of the opportunities in the market.”
ENDS