Ann: GENERAL: MET: METLIFECARE FUNDING

• Release Date: 08/03/12 16:13
• Summary: GENERAL: MET: METLIFECARE FUNDING
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MET
08/03/2012 14:13
GENERAL

REL: 1413 HRS Metlifecare Limited

GENERAL: MET: METLIFECARE FUNDING

8 March 2012

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
Released on behalf of Metlifecare by Jackie Ellis, spice communications group
tel 09 360 8500 or email [email protected]

For more information, please contact:
Alan Edwards
Managing Director and CEO, Metlifecare
Tel: 09-539-8000

About Metlifecare:
Metlifecare is a publicly listed aged care and retirement lifestyle company.
Established in 1986, the company has a proven track record of successfully
owning and managing retirement villages in New Zealand. Metlifecare currently
owns 16 retirement villages, incorporating nine care facilities with 2,460
villas and apartments and 407 care beds, in prime locations throughout New
Zealand.  Most villages provide a full continuum of care from independent
villas and apartments through to serviced apartments, rest homes and
hospitals.  www.metlifecare.co.nz
End CA:00220499 For:MET    Type:GENERAL    Time:2012-03-08 14:13:09