Mediclinic gets ZAR 1.45 billion five-year sustainability-linked loan

By Marisa Wong

Los Angeles, Sept. 21 – Mediclinic International plc announced that its Southern Africa division completed the refinancing of existing debt through a new sustainability-linked banking facility.

The new five-year facility replaces previous facilities with ZAR 950 million of senior secured debt and a ZAR 500 million revolver, according to a press release.

Initial pricing is three-month Jibar plus 154 basis points and 160 bps on the senior secured debt and revolver, respectively.

By achieving pre-agreed sustainability performance targets, the company will benefit from a reduced facility margin through an incentive-based pricing mechanism.

The targets are directly linked to key group environmental and social goals of progressing to becoming carbon neutral with zero waste to landfill by 2030 and improving water efficiency and patient experience.

Rand Merchant Bank, a division of FirstRand Bank Ltd., acted as the lead arranger for the transaction.

Mediclinic is private health care services group based in South Africa with divisions in Switzerland, Southern Africa (South Africa and Namibia) and the United Arab Emirates.

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