CareTech Holdings, a UK provider of specialist social care services, has successfully completed the refinancing of its banking facilities, which were due to expire in April 2013.
The new facilities total £149.4m, comprising a term loan, a revolving credit facility and an overdraft facility for working capital. The new facilities will be available for four-and-a-half years, expiring in January 2017.
Three banks have opted to continue to offer loan facilities to CareTech and in addition Allied Irish Bank, with whom CareTech has had a long relationship, has rejoined the syndicate of banks.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"After taking account of hedging costs the facilities are at a highly competitive all-in debt service charge of less than 4.5%, which further emphasises the company's strong asset backing and attractiveness to lenders," the firm said.
The share price rose 4.85% to 162p by 14:54.
NR
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
