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CORRECTED-Britain's BMI Healthcare close to 2 bln stg restructuring deal -source

Tue 25th September, 2018 9:51pm
(In first paragraph, corrects millions to billions)
    By Mekhla Raina
    Sept 25 (Reuters) - Britain's largest private healthcare
group, BMI Healthcare, is nearing a 2 billion pounds ($2.64
billion) restructuring deal that could cut millions of pounds
from its annual rent bill, a person familiar with the matter
said on Tuesday. 
    An announcement under which BMI's rent bill will be cut by
about 60 million pounds is likely to be made imminently, the
source told Reuters. 
    Funds including Centerbridge and Och-Ziff Capital Management
will inject about 50 million pounds of equity into the business,
and maturity of about 2 billion of debt on the balance sheet of
BMI and its property arm General Healthcare Group will be
extended by six years, the source said. 
    Sky News had earlier reported about the deal on Tuesday.
    Last year, South African private healthcare operator 
Netcare  NTCJ.J  had made an all-share offer to buy out minority
BMI Healthcare shareholders saying it was making the move
because trading conditions "remained difficult" across the
private healthcare market.  urn:newsml:reuters.com:*:nL8N1RA4VL
    In March, Netcare drew a line under its ambitions in Britain
saying it would exit the market due to difficult trading
conditions. 
    Och-Ziff Capital Management and Centerbridge were not
immediately available for comment. 
    BMI Healthcare operates 59 hospitals and clinics throughout
the United Kingdom and had about 276,000 inpatient visits per
year, according to its website. 
    ($1 = 0.7584 pounds)


($1 = 0.7588 pounds)

 (Reporting by Mekhla Raina and Sathvik N in BengaluruEditing by
Robin Pomeroy)
 ((mailto:Mekhla.Raina@thomsonreuters.com; +918067491775;))
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