GDS Ramsay Generale De Sante

Ramsay Santé tops up its collateral trust, making it one of the largest (€186m) on the French market and the first to be linked to ESG criteria.

Paris, June 28, 2021

Ramsay Santé tops up its collateral trust (created in 2018), making it one of the largest (€186 m) on the French market and the first to be linked to ESG criteria.

After renegotiating its syndicated debt this April with a TLB indexed to the company’s ESG performance (see press release: https://ramsaysante.fr/sites/default/files/pdf/cp-2021-04-22-ramsay-sante-refinancement-dette-syndiquee.pdf), Ramsay Santé, one of the leaders of the private hospitalisation and primary care in Europe, is now continuing its refinancing and sustainable commitment drive with this second financial instrument indexed to environmental objectives.

Immobilière de Santé, the main holding company for the Ramsay Santé group’s long-term investments in securities and/or real-estate assets, signed a contract for an additional €98m loan. Arranged by Natixis (advised by CMS Francis Lefebvre Avocats), the transaction was supported by a pool of lenders comprising different Groupe BPCE entities, La Banque Postale and BPIFRANCE.

This long-term financing, geared to funding the general needs of Immobilière de Santé and the Ramsay Santé group, is backed by a collateral trust* carrying the shares of real-estate subsidiaries that own the buildings of three private hospitals located in the Ile-de-France region, and for which Natixis is the trustee: Hôpital Privé d’Antony , Hôpital Privé des Peupliers and Hôpital Privé Marne Chantereine. These three establishments were among the most highly-active private hospitals during the different Covid-19 waves in 2020-21.

For Ramsay Santé, the topping-up of this real-estate financing vehicle is fully consistent with the group’s growth strategy in two respects:

• It furthers the group’s real-estate strategy, while enhancing the correlation between the assets and liabilities on its balance sheet, while extending the average duration of debt and also lowering the average rate of interest.
• It is consistent with the group’s new ESR strategy and its ambitious environmental responsibility component (see https://ramsaysante.fr/sites/all/fullpage/yeswecare-458942523/index.html ).

This collateral trust is the first on the market to be sustainability-linked: its interest rate is linked according to a bonus/malus system that depends on the degree to which the buildings concerned reach annual greenhouse-gas reduction emission targets (scope 1 & 2) over the duration of the financing.

• This financing forms part of a wider approach by the group to issue financial instruments linked to ESG criteria (Sustainability-Linked Financing), as detailed in the Sustainability-Linked Framework document coordinated by Natixis and Crédit Agricole CIB (https://www.ramsaysante.eu/sites/default/files/pdf/sustainability-linked-financing-framework-ramsay-sante-2021-april.pdf). V.E. issued an opinion confirming the Framework’s alignment with the Sustainability-Linked Bond Principles and the Sustainability-Linked Loan Principles published in 2020 by the International Capital Market Association and the Loan Market Association, respectively (https://www.ramsaysante.eu/sites/default/files/pdf/20210503_slb_spo_ramsay_sante.pdf).

*A trust or fiduciary contract enables a person referred to as “the settlor” to transfer all types of existing or future assets into a “trust estate”, which is managed by a third party, “the trustee”, independently of its own assets, for the benefit of a third person, “the beneficiary”, over a determinate period.In a collateral trust (fiducie-sûreté), the assets transferred into a trust are assigned to a collateral financing.

Relations Investisseurs/Analystes        Relations Presse Ramsay SantéArnaud Jeudy        Caroline DesaegherTél. + 33 (0)1 87 86 21 88        Tél. +33 (0)1 87 86 22 11a.jeudy@ramsaygds.fr        c.desaegher@ramsaygds.fr

Relations Presse Natixis        Vanessa Stephan        Tél. + 33 (0)1 58 19 34 16        vanessastephan@natixis.com

Attachment

• Financial Release - Collateral trust