France's Medi-Partenaires to price €110 million add on to 2020 secured notes on Tuesday

By Paul Deckelman

New York, April 28 - Holding Medi-Partenaires SAS was heard by high-yield syndicate sources on Monday to be getting ready to price a €110 million add on to its 7% senior secured notes due May 15, 2020.

The Paris-based hospital operator's deal is expected to price on Tuesday via global coordinator Credit Suisse, which will handle billing and delivery, as well as joint bookrunners CommerzbankCapital Markets Corp., Credit Agricole and Goldman Sachs & Co.

The deal will price after a short roadshow that included a group meeting on Monday in Paris and which will include a lunch on Tuesday in London.

Medi-Partenaires plans to use the proceeds from the offering to fund its pending acquisition of the Medipole Sud Sante business.

The notes will initially be issued on a temporary basis by Financiere Medicis Lux SA; when the deal closes, the temporary notes will be automatically exchanged for an equal principal amount of notes issued by Medi-Partenaires under the indenture governing its existing 7% notes.

Should that acquisition not take place by Dec. 31, the temporary notes will be subject to special mandatory redemption requirements.

The Rule 144A and Regulation S add-on notes will have the same terms as the existing notes, including call protection through May 15, 2016; the notes will be callable after that at 105.25, 103.5, and finally 101.75.

The notes are expected to carry a B2 rating from Moody's Investors service and a B rating from Standard & Poor's.

© 2015 Prospect News.
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