MEDICA Strengthens Financing Capabilities
MEDICA, a leading provider of long and short-term dependency care in France, today announced the signature on 27 May of an addendum to its June 2010 club deal financing facility agreement.
MEDICA decided to take advantage of the currently favourable conditions in the credit markets to increase its financing resources on improved terms.
The total facility has been raised to €600 million from €450 million previously, while maturities of the various lines have been extended by almost 12 months, with the same repayment profile. The initial spreads remain unchanged from those negotiated in June 2010.
At the same time, the additional basket of bilateral debt facilities to enable the Group to carry out lease financing and other transactions has been increased from €150 million to €300 million.
New covenants offer additional headroom and exclude Real Estate debt from the leverage ratio. The adjusted leverage ratio* has been set at 4.5 until June 2013 and will gradually decline from then on.
The new facility was arranged with the banks already involved in the June 2010 club deal, demonstrating their confidence in MEDICA’s robust growth model.
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