Mediclinic unit completes the placement of R2.42bn bond
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DURBAN - JSE-LISTED diversified private healthcare services group Mediclinic International said yesterday that its Swiss division, Hirslanden, has successfully completed the placement of a CHF145 million (R2.42 billion) fixed-rate bond at a coupon of 1.25 percent.
The payment date is February 25, with a five-year term and the bond will be listed on the SIX Swiss Exchange.
“Proceeds from the issue will be used to redeem the maturing CHF145m bond issued on February 25, 2015, with a coupon of 1.625 percent. The successful refinancing enables Hirslanden to lower its interest expense and to extend its debt maturity profile,” the group said.
In the group’s last set of results for the half-year to end September, Hirslanden reported a strong rebound in activity since after it was impacted by April lockdown measures and restrictions to contain the spread of the Covid-19.
The unit reported a 2 percent increase in revenue to CHF853m, while its adjusted earnings before interest, tax, depreciation and amortisation fell by 17 percent to CHF116m.
At the end of the reporting period, Hirslanden operated 17 hospitals and four day case clinics with 1 921 beds and 10 995 employees. The unit accounted for 51 percent of the group’s revenues.