NZ's Metlifecare to raise NZ$70m to fund expansion

WELLINGTON Wed May 29, 2013 4:44pm EDT

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WELLINGTON May 30 (Reuters) - New Zealand rest home operator Metlifecare Ltd said it was raising NZ$70 million ($56.7 million) through a share issue to cut debt and fund future expansion.

It said it planned to issue shares to institutional and other investors, and would offer existing shareholders a chance to buy further shares in due course.

The issue has been underwritten by Goldman Sachs, which is also managing the issue.

The capital raising follows Metlifecare's acquisition of the unlisted Vision Senior Living Limited and Private Life Care Holdings Limited (PLC) last year.

Metlifecare Is New Zealand's third-biggest listed retirement village operator by capitalisation, after Ryman Healthcare and Summerset Group.

Its shares were placed on a trading halt while the new shares were placed. They closed on Wednesday at NZ$3.38.

($1=NZ$1.2345)

(Gyles Beckford)

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