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S&P rates Ramsay Sante loan BB-
S&P said it assigned its BB- issue rating to the proposed 1.35 billion senior secured term loan B that European private operator of acute care hospitals Ramsay Generale de Sante (BB-/stable/--) intends to issue.
The company will use the proceeds, along with 200 million from other debt to be issued (not rated), to refinance its outstanding term loan B.
The recovery rating on the proposed term loan is 3, reflecting an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 60%).
The group is planning to fully refinance its existing 1.51 billion term loan and 40 million of drawings on a capital expenditure (capex) facility with the new 1.35 billion term loan B. The proposed term loan B comprises one tranche of 600 million maturing in 2026 and one tranche of 750 million maturing in 2027.
In addition, Ramsay Sante will issue its first private placement notes: of 100 million, split into a 50 million tranche maturing in 2028 and a 50 million tranche maturing in 2029; it also intends to issue 100 million of mortgage debt maturing in 2031.
As a result, the refinancing will benefit Ramsay Santes average debt maturity while diversifying its funding mix, but the total amount of debt will be unchanged following the planned issuances, S&P said in a news release.
As part of the refinancing, the group will also issue a new 100 million revolving credit facility and a new 100 million capex facility, both maturing in 2026, to refinance its existing lines.
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