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Mediclinic eyes R5bn in rights offer

Aug 01 2012 08:50 I-Net Bridge

Company Data

REMGRO LIMITED [JSE:REM]

Last traded 209.01
Change 4.01
% Change 0.02
Cumulative volume 571889
Market cap 100.56bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

MEDICLINIC INTERNATIONAL LIMITED [JSE:MDC]

Last traded 72.14
Change 0.08
% Change 0.00
Cumulative volume 562621
Market cap 59.66bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South African private hospital group Mediclinic Corporation [JSE:MDC] said on Wednesday it plans to raise R5bn through a rights offer to refinance debt and to fund expansion.

Mediclinic, which operates hospitals in South Africa, Switzerland and the United Arab Emirates, said it would issue 174.6 million new shares at R28.63 per share.

That represents a 25% discount to the stock’s 30-day volume weighted average price.

Existing shareholders will be able to purchase 26.8 new shares for every 100 held.

Mediclinic said the proceeds would be used to refinance its existing debt of about R28bn, which is denominated in both the South African rand and the Swiss franc.

“The refinancing provides the group with the appropriate capital structure to pursue strategic growth and development opportunities, while significantly reducing financing costs,” it said in a statement. 

The rights offer is fully underwritten by Remgro [JSE:REM].

Among the conditions for the deal is approval from Mediclinic shareholders.

Shares of Mediclinic are up 16% so far this year, outperforming an 8.2% rise in Johannesburg’s All Share [JSE:J203] index.


 
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