The new funding announced by Atrys Health is led by a wholly owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”) ING Bank NV and Deutsche Bank also participate in it. The syndication process has resulted in an additional new funding oversubscription of around 400%.
According to the announcement published by the company for the BME Growth market, the signed operation has the following tranches:
Préstamo Term Loan B with a bullet maturity of 7 years, for an amount of 130 million euros, intended to early amortize the Group’s current debt.
A CAPEX Loan line for an amount of 50 million euros, with a 7-year bullet maturity to finance future acquisitions of companies to be disposed of during the next two years.
A Uncommitted “Accordion” Loan line for an amount of 50 million euros to complement the previous financing.
With this refinancing, ATRYS improves the conditions of its debt structure, improving the Group’s efficiency of its capital structure:
The initial interest rate of the new financing lines will be 4.50% and will fluctuate based on the Group’s pro forma adjusted Net Financial Debt / Ebitda ratio.
The Group’s new financing lines are “Bullet” for seven years, extending the average duration of the Group’s Debt and reducing the amount of cash flow destined to repay debt in the next seven years.
Additionally, the new financing makes more flexible the current financial Covenants that the Group had under the MARF Bond Program with the following Covenants and allows the distribution of dividends provided that the Net Financial Debt / Adjusted Proforma EBITDA ratio is less than 2.50 times.
“It should be noted that the new financing incorporates Environmental, Social and Corporate Governance criteria that include a clause so that the margin of the new financing decreases with an improvement in the ESG rating (and increases if the ESG rating worsens)”, they add from Atrys.
They have participated in the operation as advisers to ATRYS, the Debt Capital Markets team of the ALANTRA firm as the sole advisor for the structuring and placement of the new financing, and EVERGREEN LEGAL as legal adviser to the Company. DLA PIPER SPAIN has acted as legal advisor to the lenders union.