Lpc banks line up loan for cvc owned elsans medipole buy

← Homepage

Nov 23 Banks are lining up a leveraged loan financing backing CVC-owned private hospitals operator Elsan's acquisition of French competitor MediPole Partenaires, banking sources said on Wednesday. Elsan agreed to acquire MediPole from private equity firm Bridgepoint in November. It is the latest bolt on after CVC acquired a majority stake in Vedici in 2014, which then acquired Vitalia in November 2015, renaming as Elsan. The buyout of Medipole will lead to a refinancing of Medipole's bonds, which total around 715m, via the leveraged loan market.

Medipole has 495m of 7% 2020 senior secured notes as well as 220m of privately placed senior notes. Deutsche Bank is set to lead the leveraged loan financing, alongside BNP Paribas, Credit Agricole, Natixis and Societe Generale, the sources said.

Syndication to investors is due to launch next week, the sources said.

CVC declined to comment. Elsan operates 80 clinics with over 10,900 beds. Elsan employs 14,000 people, has 3,200 practitioners and services 1.2m patients each year, according to CVC's website.