Ann: Healthscope Update, page-142

Speculation HMC has bought some of Healthscopes debt at 40c on the dollar from Sumitomo Mitsui Bank

Japan’s Sumitomo Mitsui Banking Corporation has run out of patience with Australia’s second-largest hospital group Healthscope, sparking the first real shift in the debt stack’s ownership after a year of tense negotiations with its $1.6 billion lender syndicate.David Di Pilla, managing director, HMC Capital, says the private hospital funding model is broken. Flavio BrancaleoneStreet Talk can reveal SMBC sold its slice of Healthscope debt at about 40¢ in the dollar this week, after its dealmakers refused to sign a standstill agreement that owner Brookfield had put to its 31 lenders in late February.Sources said SMBC’s share of the loans was bought by Deutsche Bank, which has historically worked for David Di Pilla’s HMC Capital. The latter’s HealthCo Healthcare & Wellness REIT’s owns 11 Healthscope properties and has emerged as a potential bidder for the group.

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