Alantra acts as global advisor for a €230m Term Loan B sustainable financing for Atrys Health

Dec 2021

Debt Capital Markets

Value €230 million

Madrid – Alantra, the global investment banking and asset management specialist, is pleased to announce that it has advised Atrys Health (“Atrys” or “The Company”) on the placing of a €230 million Term Loan B financing to support its add-on growth strategy.

Atrys, a Spanish biomedical company, provides diagnostic services and medical treatments focused on oncology and occupational risk prevention, with a special focus on employee health in the workplace.

The Company signed a €130 million Term Loan B loan with a 7-year bullet structure;  a €50 million 7 year bullet CAPEX facility destined to finance future acquisitions over the next two years; and an Accordion Loan for an amount of €50 million to complement the previous financing. Overall, the financing will allow the Company to have a certainty of funds as well as the flexibility needed to execute the planned acquisitions.

The syndication process, run by Alantra, resulted in 4x oversubscription, which allowed the Company to improve the final conditions of the financing. The facility has been placed mostly amongst international institutional investors (pension funds, insurance companies and asset managers).

With this refinancing, Atrys improves the conditions of its debt structure, and enhances the Company’s efficiency of its capital structure:

The new facilities have a bullet (non-amortizing) structure with a maturity timeline of 7 years, improving the Company’s debt maturity profile. The new financing also incorporates flexible covenants to allow the Company to perform its planned acquisitions over a period of 2 years.

The new financing also incorporates Environmental, Social and Corporate Governance (“ESG”) criteria and includes a clause where the margin of the new financing decreases with an improvement in the ESG rating (and increases if the ESG rating worsens).

Javier Garcia Palencia, Managing Partner at Alantra, commented: “We are pleased to have supported Atrys on attaining the right financing to continue with the Company’s ambitious inorganic growth strategy. This transaction is another testament to Alantra’s leading capabilities in the debt capital markets and debt advisory arena.”