CareTech Holdings completes refinancing

CareTech Holdings, a UK provider of specialist social care services, has successfully completed the refinancing of its banking facilities, which were due to expire in April 2013. The new facilities total £149.4m, comprising a term loan, a revolving credit facility and an overdraft facility for working capital. The new facilities will be available for four-and-a-half years, expiring in January 2017. Three banks have opted to continue to offer loan facilities to CareTech and in addition Allied Irish Bank, with whom CareTech has had a long relationship, has rejoined the syndicate of banks. "After taking account of hedging costs the facilities are at a highly competitive all-in debt service charge of less than 4.5%, which further emphasises the company's strong asset backing and attractiveness to lenders," the firm said. The share price rose 4.85% to 162p by 14:54.NR