United Arab Emirates-based Aster DM Healthcare has agreed a $295 million credit facility with India’s Axis Bank, the healthcare company said in a statement.
Aster had a $276 million loan outstanding with a consortium of eight banks, and it had drawn $176 million out of that facility, it said.
The new loan offers “attractive terms and conditions, which the existing consortium of eight banks are unable to match,” the statement said.
Aster had approached its banks to change some terms of its outstanding syndicated loan, banking sources told Reuters in March.
Aster is about to inaugurate one hospital in the emirate of Sharjah and one in Qatar, and is working on six more hospital projects in the Gulf.
It expects a turnover of over $1 billion in 2017, it said.