Banks Launch Stage One Of Mammoth Fresenius Loans

Banc of America Securities and Deutsche Bank held a bank meeting last Thursday in Frankfurt to launch syndication of $2.5 billion in pro rata loans for Fresenius Medical Care, the world's largest provider of dialysis products and services.

  • 24 Jun 2005
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Banc of America Securities and Deutsche Bank held a bank meeting last Thursday in Frankfurt to launch syndication of $2.5 billion in pro rata loans for Fresenius Medical Care, the world's largest provider of dialysis products and services. The tranche consists of a five-year, $1 billion revolver and a five-year, $1.5 billion "A" loan, with pricing of LIBOR plus 1 1/2%. A bank meeting will be held in New York on Monday, one lender said. A seven-year term loan "B," that could be as much as $2.5 billion, will launch in the fall.

The financing will back the $3.5 billion acquisition of dialysis-company Renal Care Group. The new loans will also refinance Fresenius' existing debt. This comprises a $750 million revolver and a $450 million "A" loan. Last November Fresenius paid down its institutional debt, comprising a $250 million "D" loan. A Fresenius spokesman could not be reached by press time.

  • 24 Jun 2005

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4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

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