July 06, 2010 (LBO) - Sri Lanka's Asiri hospitals group is to borrow 20 million dollars from the International Finance Corporation (IFC) to refinance existing borrowings and restructure the balance sheet of an associate firm.
Asiri Central Hospitals said in a stock exchange filing that its associate Central Hospital is party to a an agreement entered into by Asiri Hospitals and Surgical Hospital with the IFC to raise the money jointly.
The loan, for which Asiri Central Hospitals has got central bank approval, is repayable over 10 years with a grace period of two years.
Central Hospital will get 11. 4 million dollars out of the loan and has the option to draw down half of it in Sri Lankan rupees
The money will be used to refinance existing borrowings on favourable terms and to restructure the balance sheet of Central Hospital in which Asiri Central Hospitals owns a 34.6 percent stake, the statement said.
source - www.lbo.lk
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