By Angela McDaniels
Tacoma, Wash., Oct. 30 – Sonic Healthcare Ltd. issued €160 million of notes in the U.S. private placement market, according to a company news release.
The company said €75 million of the notes have a seven-year tenor and €85 million have a 15-year tenor.
The weighted average fixed coupon for the notes is about 2%.
“There are a limited, but growing, number of participants in this market who provide natural (without swap breakage requirements) euro funding. This market will continue to be an attractive source of funding for Sonic into the future, as we continue our growth strategies,” finance director and chief financial officer Chris Wilks said in the news release.
The notes and a new 5.5-year revolving credit facility were used to refinance the company’s expiring bank debt facilities. The company said the notes significantly lengthened its debt maturity profile.
Sonic Healthcare is based in Macquarie Park, Australia, and provides laboratory medicine/pathology, radiology/diagnostic imaging and primary care medical services.
| Issuer: | Sonic Healthcare Ltd.
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| Issue: | Notes
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| Amount: | €160 million
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| Tenor: | Seven years for €75 million and 15 years for €85 million
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| Weighted average coupon: | 2%
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| Announcement date: | Oct. 30
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| Distribution: | Private placement
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