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Ramsay Sante gets 1.65 billion ESG-linked refinancing loans
By Marisa Wong
Los Angeles, April 22 Ramsay Sante Group refinanced its entire syndicated debt, consisting of its term loans B 1, 2 and 3 due in October 2022 and October 2024, and also introduced social and environmental objectives to its debt, according to a news release.
Ramsay Sante has entered into a 1.65 billion senior facilities agreement with BNP Paribas as coordinator and arranger and Credit Agricole CIB and Mediobanca as arrangers.
The agreement comprises two term loan B facilities of 700 million and 750 million, respectively, a 100 million capex facility and a 100 million revolving credit facility.
This senior debt, which matures on April 22, 2026 for up to 900 million and on April 22, 2027 for up to 750 million, has enabled the group to refinance in whole its existing senior debt and is otherwise intended to finance general corporate purpose, as well as acquisitions and capital expenditures for growth and reorganization, according to the release.
The 700 million term loan B is priced at Euribor plus 225 basis points, and the 750 million term loan B is priced at Euribor plus 275 bps.
The five-year loan was launched at an original issue discount of 99.75, and the six-year loan was priced at par.
The company said it is seeking to combine the optimization of its financing costs with its social and environmental goals grouped under three pillars:
Social pillar, which involves properly equipping, training and hiring teams to ensure the highest level of quality care for patients;
Societal pillar, which concerns commitment to the populations and territories where the group operates; and
Environmental pillar, which implies having a reasoned vision of the companys activity to limit its impact on the environment.
The new syndicated debt includes social and environmental criteria detailed in a framework document coordinated by Credit Agricole CIB and reviewed by an independent expert. The applicable margins will be adjusted, upwards or downwards, depending on the degree of satisfaction of these objectives.
The company said the transaction was very successfully received by a large number of international investors and was oversubscribed twice, resulting in one of the lowest financing margins for a five-year maturity.
Ramsay Sante is a private hospital and primary care company based in Paris.
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