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KKR-led Consortium To Invest In Metro Pacific Hospital

Metro Pacific Investments Corp. or "MPIC", global investment firm KKR, and GIC, Singapore's sovereign wealth fund, said that they signed certain definitive agreements by which KKR and an affiliate of GIC, will invest in Metro Pacific Hospital Holdings, Inc. through a series of investments in common shares in Metro Pacific Hospitals and in mandatorily exchangeable bonds issued by MPIC.

GIC will restructure its current investment in Metro Pacific Hospitals and will re-invest alongside KKR.

As per the terms of the agreement, the KKR-led consortium will subscribe to Php 5.2 billion or US$100.0 million worth of 41.37 milion new common shares in Metro Pacific Hospitals equivalent to 6.25% of the aggregate par value of Metro Pacific Hospitals.

Metro Pacific Hospitals expects to use proceeds from the sale of shares to support its potential investments in additional hospitals and new healthcare businesses. The capital will also be used to grow the company's existing subsidiaries, associates, and joint ventures.

As part of MPIC's wider financing arrangements, the KKR-led consortium will also invest in a Php 30.1 billion or US$ 580.0 million mandatorily exchangeable bond issued by MPIC. The exchangeable bond shall grant the KKR-led consortium the right to exchange the bond for 239.93 millon common shares in Metro Pacific Hospitals on the sooner of 10 years or an initial public offering, which may be considered after further development of the business.

MPIC plans to use the proceeds of this issuance to reduce its bank borrowings.

The transactions are expected to complete by the end of 2019. KKR will make this investment from its Asian Fund III.

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