NMC launches $450 million bond offering

dubai — NMC Health plc, the leading UAE private healthcare operator, has announced the launch of an offering of senior, unsecured, guaranteed convertible bonds due 2025 with a principal amount of $450 million, convertible into ordinary shares of NMC Health plc.

The company is listed on the London Stock Exchange under the symbol NMC.L and is a constituent of the FTSE 100 Index.

The bonds will be issued by NMC Health (Jersey) Limited.

The net proceeds of the offering will be used in totality to repay part of the current $1 billion bridge facility put in place at the time of the recent $2 billion capital structure refinancing at the beginning of 2018. NMC Health plc is in the process of putting in place a new permanent capital structure comprised of a mixture of unsecured bank and bond financing that provides the required funding to achieve its growth strategy, as well as align it to those consistent with a FTSE 100 company.

The bonds will have a principal amount of $200,000 and will be issued at 100 per cent of their principal amount and, unless previously redeemed, converted or purchased and cancelled, will be redeemed at par on the seventh anniversary of the issue of the bonds in 2025.

The issuer may redeem all, but not some only of the bonds at their principal amount plus accrued interest at any time on or after 22nd May 2023.