BMI Healthcare completes amend and extend arrangement

BMI Healthcare has strengthened its capital structure with the completion of an amend and extend arrangement with its banking syndicate.

The deal is supported by 90 percent of the firm's lenders by value and involves the early settlement of 60 million pounds of the operating company's debt from existing resources and extending the term of the remaining debt.

As a result, BMI's gross debt has been reduced to 145 million pounds with an extended maturity profile, a move that the company describes as a matter of "good financial housekeeping".

The aim of this move is to reduce the organisation's immediate debt service costs, while guaranteeing long-term stability and near-term certainty.

Craig Lovelace, chief financial officer of BMI Healthcare, said: "We have taken advantage of our strong balance sheet, efficient working capital management and the current favourable capital markets to put in place a structure that will provide support to BMI Healthcare's longer-term growth strategy."

Earlier this year, the company received five nominations at the Independent Healthcare Awards, with the winners to be announced in October 2013.