Brief: Promisia Integrative Updates On Deal To Buy Aged Care Facilities From Brankin Family Trust

Promisia Healthcare

28/07/2020 22:20

July 29 (Reuters) - Promisia Integrative Ltd  PIL.NZ :
    * UPDATES ON ACQUISITION OF AGED CARE FACILITIES FROM
BRANKIN
FAMILY TRUST
    * NEW ZEALAND REGISTERED BANK THAT CO HAS BEEN WORKING WITH
FOR
MONTHS TO SECURE DEBT HAS WITHDRAWN FROM PROVIDING FUNDING
    * DECISION TO WITHDRAWN LIKELY DUE TO COVID-19 AND
RESTRICTIVE
CREDIT MARKET TO NEW LENDING
    * NOT ABLE TO DRAW DOWN ON DEBT FACILITIES TO COMPLETE
TRANSACTION; COMPLETION TO NOT OCCUR ON OR BEFORE JULY 31
    * PIL AND BRANKIN FAMILY TRUST REMAIN COMMITTED TO PROPOSED
TRANSACTION
    * PIL & BRANKIN FAMILY TRUST ARE RE-ENTERING DISCUSSIONS
WITH
OTHER NZ REGISTERED BANKS WHO WERE APPROACHED EARLY THIS YEAR
    * CO & BRANKIN FAMILY TRUST DISCUSSING WITH WHOLESALE EQUITY
INVESTORS ON THEIR APPETITE FOR EXTENDING TIME TO COMPLETE DEAL

Source text for Eikon:  ID:nNZW3ysjCt 
Further company coverage:  PIL.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))