Promisia Healthcare has extended its facilities by $700,000 and reached improved terms with its primary banking partner, Bank of New Zealand.
This development allowed Promisia to repay all second-tier lending on the Aldwins Road land acquisitions in 2023 and also resulted in a reduction of interest costs.
After breaching its quarterly interest cover ratio covenant in November 2023, the company was able to meet all covenant requirements for the December 2023 quarter.
No further details regarding the variation to covenants were provided.
Promisia, a New Zealand-based aged care and retirement living provider, said it remains focused on its growth strategy, which includes the development of existing facilities and the acquisition of new facilities or land.
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