(Alliance News) - Mediclinic International PLC said Tuesday its Southern Africa division has completed the refinancing of existing debt through a new sustainability-linked banking facility.
The new facility is made up of ZAR7.59 billion of senior secured debt, and a ZAR500 million revolving credit facility, which will replace the previous facilities.
The new five-year facility has been priced at three-month JIBAR plus 1.5% for the secured debt, and 1.6% for the revolving credit facility.
Through an incentive-based pricing mechanism, Mediclinic's Southern Africa arm will benefit from a facility margin by achieving pre-agreed sustainability performance targets.
The targets are linked to environmental and social goals of become carbon neutral with zero waste to landfill by 2030.
"The timely and successful refinance of our debt facilities in Southern Africa is in line with our group financial strategy and approach to responsible leverage. We are appreciative of the ongoing support from our Southern African funding partners and their role in this syndicated sustainability-linked loan, the first of its kind arranged by a bank in Africa," said Chief Financial Officer Jurgens Myburgh.
Shares in Mediclinic International were up 0.8% at 313.41 pence on Tuesday in London, while its Johannesburg shares were 1.4% higher at ZAR63.71.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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