Ramsay Santé, a European leader in private hospitalisation and primary care, has closed its €1.75bn (US$2bn) refinancing comprising a €1.55bn Term Loan B and a €200m RCF. The new Term Loan B was priced at Euribor+350bp and came at a discount of 99.00.
The transaction was arranged by BNP Paribas and Crédit Agricole CIB acting as global coordinators and joint bookrunners, together with Natixis CIB acting as joint bookrunner.
The refinancing will enhance the group’s financial flexibility, extending senior debt maturities from 2031 to 2033 and simplify its capital structure by refinancing the €100m Euro PP notes maturing in 2028 and 2029.
It also pre-emptively preserves the continuity and stability of its financing arrangements, with a change of control provision structured to accommodate the contemplated distribution of Ramsay Health Care’s 52.79% shareholding in Ramay Santé to RHC shareholders by way of an in-specie distribution – Ramsay Santé has appointed BNP Paribas and UBS, together with Natixis as co-ECM financial advisor, for the proposed distribution and its contemplated free-float expansion.
“With a stronger financing structure and a clear strategic direction, Ramsay Santé is entering a new chapter with confidence,” said Pascal Roché, CEO of Ramsay Santé. “We believe Ramsay Santé is uniquely positioned to shape the future of healthcare in Europe through integrated care, medical excellence and outstanding patient outcomes.”
Ramsay Santé has 40,000 employees and 10,000 practitioners. It treats 13 million patients each year in 492 facilities across five countries (France, Sweden, Norway, Denmark and Italy).
