Int Healthcare gets S$650m for stake buy

Six banks have provided a S$650 million-equivalent three-year loan to Malaysia’s Integrated Healthcare Holdings Ltd (IHH) to back the purchase of a stake in Turkish hospital operator Acibadem Saglik Hizmetleri ve Ticaret AS, according to sources involved in the deal.

Bank of America Merrill Lynch, CIMB, Credit Suisse, DBS Bank, Deutsche Bank and Goldman Sachs are the lenders providing the financing.

The bullet loan is split into a S$470 million tranche and a RM450 million piece. Malaysian lender CIMB will take up the entire ringgit portion on its books. The other five lenders are funding the S$470 million tranche, said one source.

The terms of the financing are ’relationship’ terms given the borrower’s pedigree and the ancillary business expected because of which the loan is being done on a ’club’ basis, said another source.

The six banks are also mandated on an around US$1.5 billion IPO expected in 2012. Malaysian government investment arm Khazanah Nasional owns 70 per cent of IHH, while Japan’s Mitsui & Co owns the remainder.

IHH has made a non-binding offer to buy 60 per cent of Acibadem, according to one of the sources. -- Reuters