DGAP-News: Asklepios Kliniken places EUR300 million promissory note loan
(firmenpresse) - DGAP-News: Asklepios Kliniken GmbH / Key word(s): Issue of Debt
Asklepios Kliniken places EUR300 million promissory note loan
06.11.2013 / 15:06
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* Clinic group successfully concludes one of Germany's largest promissory
note issues in the current year
* Almost six-fold oversubscription reflects strong investor confidence in
business model
* More than 120 international institutional investors secured
Hamburg, 6 November 2013. The Asklepios Group placed a promissory note loan
('Schuldscheindarlehen') of EUR300 million in October. In light of the
six-fold oversubscription to the promissory note, the originally planned
loan amount was tripled to EUR300 million. In addition to savings banks,
private and cooperative banks, institutional and international investors
from Europe, China, Japan, India and other countries accounted for more
than a third of the transaction. More than 120 parties invested in total.
Together with the bond issued in 2010 and the syndicated loan of EUR325
million concluded in the middle of this year, the corporate financing of
the Asklepios Group is therefore assured for many years to come with a high
level of flexibility.
The issuer of the promissory note is Asklepios Kliniken GmbH, the
Hamburg-based holding company of the Asklepios Group. For several years,
the hospital operator has been consolidating its financing at Group level
in order to benefit from its strong position as a leading healthcare
corporation in financing as well. The funds generated with the promissory
note loan will be used for general corporate financing, and will partially
replace the more expensive borrowed capital currently in place.
Long-term focus in Group financing
Stephan Leonhard, Deputy Chairman of the Group's management and CFO of the
Asklepios Group, emphasised: 'The strong demand corroborates our strategy
of selectively leveraging the favourable interest rates and the high
interest, including internationally, in sound German investment
opportunities. We are delighted to thus have a trusting working
relationship with a broad group of investors beyond the syndicated loan. As
an instrument closely related to the capital market, a promissory note loan
perfectly fits our strategy of a broad mix in corporate financing, and
supplements our public bond and the syndicated loan already in place, which
we can now also repay thanks to the higher volume of the promissory note.
In addition, more than 75% of the promissory note relates to the fixed
interest tranches, which allows us to reduce our interest rate risk while
at the same time significantly improving our costs of capital. The long
maturity of well over seven years on average is tailored to our long-term
asset commitments, particularly in the form of property.'
The total issue volume of EUR300 million is divided into three tranches
with terms of five, seven and ten years, of which the ten-year tranche
accounts for around EUR100 million. The two shorter tranches were offered
with both floating and fixed interest rates. The average interest rate for
all tranches is 3.5%. The promissory note, which is eligible as collateral
for the ECB, is subject to standard market covenants; a subscription share
is EUR500,000 or whole multiples thereof. In particular, in addition to its
traditionally conservative financing, the main reason for the high
willingness to subscribe and the pronounced confidence in the Asklepios
Group on the part of investors was said to be the secure cash flows
entailed by its business model.
About Asklepios:
The Asklepios Kliniken GmbH Group is one of the leading private operators
of hospital and healthcare facilities in Germany. The Group pursues a
responsible and sustainable growth strategy geared towards high quality and
innovation. On the basis of this, Asklepios has developed dynamically since
it was founded more than 25 years ago. The Group currently has over 140
healthcare facilities throughout Germany and employs more than 45,000
people. Around 2.0 million patients were treated in Asklepios Group
facilities in the 2012 financial year.
Contact:
Thomas Pfaadt
Head of Financing&Investor Relations
Tel.: +49 6174 90-1192 - Fax: +49 6174 90-1110
t.pfaadt(at)asklepios.com; www.asklepios.com/ir
End of Corporate News
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238312 06.11.2013
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Datum: 06.11.2013 - 15:06 Uhr
Sprache: Deutsch
News-ID 313409
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