The Bournemouth-based company said that its existing shareholders have subscribed for £367m of new equity. They also provided a new five-year loan facility to refinance £160m of debt.
McCarthy & Stone has allocated £1.5 billion to investing in land and build through to 2018, planning to buy around 250 sites across the UK and to start construction of a similar number of new developments.
McCarthy & Stone chairman Jeremy Jensen said, “The successful completion of the transaction is great news for McCarthy & Stone. The refinancing has reduced the company’s debt significantly and was concluded nine months ahead of maturity, which demonstrates the tremendous level of support we have across the investor group.
“McCarthy & Stone is now on a much stronger footing and has the financial flexibility to continue investing in the business to fully execute its growth strategy.”
Earlier this year it was reported that private equity firm CVC was planning a bid for McCarthy & Stone alongside former chairman Alan Bowkett.
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