Cinven-backed Spire Healthcare pays down debt
Cinven-backed Spire Healthcare has sold off 12 of its 38 hospitals in a bid to raise cash to reduce the large bank debt on its books.
The transaction will see the company's debt reduced by £700m from £1.4bn. The hospitals were bought by a consortium of investors comprising Malaysia's Employees Provident Fund, affiliated investment funds of Och-Ziff Capital Management Group and Moor Park Capital. The hospitals will be leased back and still be run by Spire.
Spire was bought by Cinven in a £1.44bn buyout in 2007, backed by debt from the Bank of Scotland and RBS. The company has made several acquisitions since. Its latest EBITDAR figure stood at £188m.
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