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Mobile healthcare provider Vanguard Healthcare Solutions has raised GBP16.5m in a debt refinancing deal with high street bank AIB.
Vanguard Healthcare provides additional capacity through the provision of mobile surgical facilities – including operating theatres, endoscopy suites, mobile wards and clinics – to the NHS and private healthcare providers in the UK and abroad.
The company has been financially backed by MML Capital since April 2009, when it underwent a management buyout from Nuffield Health.
The refinancing of the existing senior debt and MML Capital’s mezzanine facilities will reduce the company’s cost of capital and decrease annual debt service by almost GBP2m. The refinancing will also allow capital to be made available for investment in new units and services.
Ian Gillespie, CEO of Vanguard Healthcare says: “This deal is great news for the business, giving us the freedom to invest more in our fleet and further develop our business at a crucial time for the UK health service. The NHS is increasingly looking for ways of deploying flexible surgical capacity, to tackle the waiting list challenge and bring care closer to patients’ homes – so it is vital we have the infrastructure and the funding to be able to match this growing demand.”
Clearwater International’s debt advisory team advised Vanguard Healthcare, leading the refinancing negotiations for the company and raising senior debt facilities.
The deal team was led by partner and head of debt advisory Chris Smith with support from assistant director Helen Lowe.
Smith says: “With the world’s largest fleet of mobile healthcare facilities, Vanguard Healthcare is a fantastic business, considered invaluable to the UK healthcare system. This refinancing will provide the opportunity for the company to achieve its true international potential and we are pleased to have played an integral role in seeing its ongoing success.”
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