Orpea - comment

Orpea drew down a further €650m of their new debt as part of the rescue financing arranged earlier this year. These new facilities ensure the viability of the business in the short term, but given the security package, “primes” the existing debt facilities including the bonds, currently outstanding. There is still a further €829m of borrowings available under the various lines that were arranged.

It should be noted that there was no clarity on the larger €1.5bn C Loan which has not been underwritten.

We continue to examine the overall structure of Orpea and the impact of the new facilities on their growth plans.