French listed property firm Icade’s €5 bn healthcare arm has announced the placing of its first social bond, raising €600 mln with a 10-year maturity and a fixed coupon of 1.375%.
The issue was nearly 10 times oversubscribed, reflecting the market strength and the level of interest in Icade’s healthcare business.
‘This bond allows Icade Santé to broaden its bond investor base and continue its policy of optimising its funding structure (extending the average debt maturity and reducing the average cost of debt),’ the company said.
The proceeds from the issue will be used to refinance acquisitions or projects relating to existing assets (construction, development, extension and refurbishment) located in France.
Xavier Cheval, CEO of Icade Santé said: ‘Icade Santé’s new bond issue has been very well received by the market and largely oversubscribed. Indicative of Icade Santé's positioning, this social bond enables the company to secure attractive financing terms for its continued expansion.’
The deal was managed by a syndicate of banks made up of BNP Paribas, Natixis, Crédit Agricole CIB, CIC Markets Solutions and Société Générale Corporate & Investment Banking. Icade Santé was advised by the White & Case law firm.
