May 7, 2021
Willkie’s Paris and London offices advised BNP Paribas, Crédit Agricole CIB and Mediobanca on the refinancing of Ramsay Santé’s senior syndicated debt.
On April 22, the Ramsay Santé Group refinanced its entire syndicated debt (TLB 1, 2 and 3), which was due in October 2022 and October 2024 and, for the first time, introduced social and environmental objectives to its debt.
Ramsay Santé as borrower has entered into a €1,650m term and revolving senior facilities agreement with BNP Paribas as coordinator and arranger, Crédit Agricole CIB and Mediobanca as arrangers, comprising two TLB facilities of €700 million and €750 million respectively, a €100 million Capex facility and a €100m RCF. 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 Ramsay Santé to refinance in whole its existing senior debt and is otherwise intended to finance the general corporate purpose of the Group, as well as acquisitions and capital expenditures for growth and reorganization.
Committed to a social and environmental policy across all its European sites, the Ramsay Group has sought to combine its convictions with the optimization of its financing costs. The development of a company can only be sustainable if it combines economic, human and environmental interests. The implementation of the CSR strategy within Ramsay Santé is therefore based on the following three pillars:
- a social pillar, which involves properly equipping, training and hiring their teams to ensure the highest level of quality care for their patients;
- a societal pillar, which concerns commitment to the populations and territories where the Ramsay Group operates; and
- an environmental pillar which implies having a reasoned vision of their activity to limit its impact on the environment.
For the first time, Ramsay Santé’s new syndicated debt includes social and environmental criteria detailed in the senior facilities agreement and in a framework document coordinated by Crédit Agricole CIB and Natixis and reviewed by an independent expert. The applicable margins will be adjusted, upwards or downwards, depending on the degree of satisfaction of these objectives.
Ramsay Santé is one of the leaders of the private hospitalization and primary care in Europe with 36,000 employees and 8,600 practitioners serving 7 million patients in 350 facilities in France, Sweden, Norway, Denmark and Italy.
Willkie’s deal team was led in Paris by partner Thomas Binet and included associate Ghita Lorabi, and in London by partner Ashley Young and included associates Anaïs Spacey, Kaveeta Meir and Vanessa Tse.
