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Allen & Overy advises Asklepios in connection with EUR 780 million Schuldschein loan

07 November 2017

Asklepios Kliniken Verwaltungsgesellschaft mbH has successfully placed a EUR 780 million Schuldschein loan.  The demand from institutional investors such as banks and insurers was so high that the transaction was oversubscribed several times.  The volume of EUR 300 million initially targeted was therefore increased significantly. Overall, an optimum conjunction of volumes, maturities, financing security and costs was achieved. 

The issue is part of the company's long-term financial strategy, which is aimed in particular at sustainable financing for hospital operations and a continuous improvement of financing conditions.  The best possible use was made of the attractive conditions on the Schuldschein market.  The Schuldschein is divided into tranches with terms of five, seven and ten years and was offered with both fixed and floating interest rates.  The high proportion of fixed tranches gives Asklepios greater planning security, extends the average term and harmonises the maturity profile.  The proceeds from the issue will be used for general corporate financing, favourable refinancing and debt restructuring.

"The high demand for our Schuldschein loan underscores the attractiveness of the Asklepios business model.  We have increased our financing volume, refinanced existing financial liabilities at more favourable conditions and innovatively combined this with a partial buy back, exchange offer and debt push down," explains Hafid Rifi, CFO of Asklepios.  "The stable financial structure is a significant component of our group focus in order to successfully develop all of our business areas under our new group structure," adds Kai Hankeln, CEO.

The Allen & Overy team comprised partner Dr. Neil George Weiand and counsel Dr. Urs Lewens (both Banking and Finance, Frankfurt).

Asklepios was advised in-house by general counsel Dr. Jan Liersch and senior legal counsel Dr. Max Clostermeyer.