Thursday 17 January 2019

NMC offers $450m convertible bonds

DUBAI, April 23, 2018

UAE-based NMC Health, a leading private healthcare operator, has launched an offering of senior, unsecured, guaranteed convertible bonds due 2025 with a principal amount of $450 million, convertible into ordinary shares of NMC Health (the Company).

The bonds will be issued by NMC Health (Jersey) Limited, a wholly-owned subsidiary of NMC Health.

NMC Health and NMC Healthcare shall procure that certain other subsidiaries of the Company which guarantee NMC Healthcare’s $2 billion debt facility (together, the “Guarantors”) shall, jointly and severally guarantee on a senior unsecured basis the full and punctual payment of all of the sums payable under the Bonds (the “Guarantees”), a statement said.

The Company obtained its first public ratings of BB+ (Outlook Stable) by S&P on 20 April 2018 and Ba1 by Moody’s (Outlook Stable) on 22 April 2018. The Bonds are not expected to be rated.

Delivery of the Shares on conversion will be made by the Company.

Settlement and delivery of the Bonds is expected to take place on April 30, 2018, the statement said. – TradeArabia News Service

Tags: convertible bonds | NMC Healthcare |

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