CM-CIC Market Solutions served as lead manager for the EUR566.8m capital increase of Ramsay Générale de Santé with preferential subscription rights (PSR).

Ramsay Générale de Santé, a private hospitalisation and primary care company, has just completed a capital increase with preferential subscription rights. The gross amount of the deal, under which one new share was issued for two existing shares, came to EUR566.8m and entailed the issuance of 34,432,595 new shares at a price of EUR16.46. The settlement date was 15 April 2019.

Ramsay Générale de Santé is a leader in the private healthcare sector in France. Following its public bid for the share capital of the Swedish company Capio, listed on the Stockholm Nasdaq, RGdS became a pan-European leader in private hospitalisation and primary care, with a presence in six countries and a central role in Scandinavia, France and Sweden.

This public takeover bid, which was launched in July 2018 and finalised in November 2018, was financed notably by the subordinated bond issue subscribed to by its two majority shareholders, Ramsay Health Care (UK) and Prévoyance Dialogue du Crédit Agricole (Predica). The capital increase with preferential subscription rights fits in with the refinancing of these subordinated bonds. As such, Ramsay Health Care (UK) and Predica have subscribed to the capital increase entirely by way of offsetting the bonds, for EUR318.1m and EUR239.9m respectively.

Our teams are available to work alongside companies to help bring their financing projects to fruition and wish to warmly thank Ramsay Générale de Santé for its confidence.