KKR and GIC invest $685m in Philippine hospital group

KKR and Singapore sovereign wealth fund GIC are set to invest $685 million in the largest hospital group in the Philippines. The partners will spend $100 million to gain 6.25% of Metro Pacific Investments's hospital business and invest the remainder in mandatory exchangeable bonds. The consortium will have the right to swap the bonds for shares either at the time of an IPO or in 10 years, whichever is sooner.  The consortium will own the equivalent of 80% of company shares once the bonds are converted when added to GIC's existing 14% holding. The funds will enable the unit to hit its new target of expanding from its current 14 hospitals and around 3,200 bed to 30 hospitals with 5,000 beds before 2030.