November 2 (SeeNews) - Romanian medical services provider MedLife [BSE:M] said on Friday that it has signed an agreement with four local banks to lift the upper limit on the volume of a syndicated loan to 66 million euro ($75 million) from previous 56 million euro.
Besides increasing the volume of financing the agreement defines the terms for refinancing of Medlife's existing credit facilities, extending maturity of the loans as well as rearranging related terms and conditions, the company said in a filing to the Bucharest Stock Exchange.
The syndicate of banks consists of Banca Comerciala Romana, Raiffeisen Bank, BRD Groupe Société Générale and Banca Transilvania. MedLife signed the 56 million euro financing agreement with the banks in March 2016.
The additional credit facility of 10 million euro will be a term loan and will be used by MedLife, along with the company's own cash, to meet potential new acquisition opportunities arising on the market.
"We have the largest portfolio of acquisitions performed as well as the largest know-how in this field, but also a strong organic growth, which maintains our leadership position on the Romanian healthcare market," Mihai Marcu, CEO and president of MedLife, said.
"We aim to remain active on the market in respect of acquisitions, we have proven to be a reliable long-term partner for the founders of the companies, so for the up-coming year we analyze some transactions in order to add new companies and important partners to MedLife Group, possibly from outside the country."
In September, MedLife said it is expanding in the city of Oradea through the acquisition of Transilvania Imaging Center and the opening of its first hyperclinic in the city.
In August, MedLife completed the acquisition of medical information platform Sfatulmedicului.ro for an undisclosed price.
MedLife shares traded flat at 27 lei on the Bucharest Stock Exchange as at 1118 CET on Friday.
($=0.879 euro)