McCarthy & Stone seals refinancing

McCarthy & Stone, the retirement home developer, said yesterday it has completed the restructuring of £518.9m, helping to cut its debt burden by £350m. The group said 24 investors injected £367m into the business as part of the deal and refinanced a further £160m with a new five-year term loan facility. A core group of these investors comprising Goldman Sachs, Anchorage, TPG and Alchemy Partners now own over 50 per cent of the business. It will now focus on growth plans which include £1.5bn of investment over the next four years.