DGAP-News: Asklepios Kliniken
/ Key word(s): Financing
Asklepios secures early refinancing of schuldschein loan agreements via exchange and increase offer
Hamburg, 8 November 2021. Asklepios Kliniken GmbH & Co. KGaA has achieved early refinancing for selected schuldschein loan agreements maturing in 2022 and 2023 in the context of an exchange and increase offer. The offer was addressed exclusively to existing investors, who had the opportunity to extend and increase their commitment by subscribing to a new schuldschein loan agreement.
The exchange and increase offer was made as part of Asklepios's active maturity management. Early refinancing of the schuldschein loan agreements from 2013, 2015 and 2017 enabled the volume-weighted average term of the maturity profile to be considerably extended. At the same time, the schuldschein loan agreement documentation was harmonised and updated further in the context of the refinancing.
"With the successful completion of the exchange offer, we managed to strengthen the Asklepios Group's financing situation and optimise it further in terms of a medium to long-term, balanced maturity profile,", says Hafid Rifi, Chief Financial Officer of the Asklepios Group. "The terms of the new schuldschein loan agreements of 5, 7 and 10 years are the perfect fit for our maturity profile. In addition, with 72% of the total volume of the new schuldschein loan agreement, we have achieved a high proportion of fixed-rate tranches and continued to take advantage of the currently beneficial interest rates."
Since 2010, Asklepios has been increasingly involving the capital market in its corporate financing, and it enjoys a good reputation among investors in Germany and abroad as a long-standing issuer. With the exchange and increase offer, Asklepios is again demonstrating its ability to successfully conclude complex schuldschein transactions.
"We are delighted with the outstanding response to the offer from our existing investors, which is partly reflected by an acceptance rate of 70% with regard to maturities next year," adds Benedikt Brörmann, Head of Corporate Finance & Treasury at Asklepios. "Overall, we managed to structure an offer that is attractive both to investors and to us as the issuer."
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08.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.