Switzerland: Hirslanden refinances with SFr145m debt

Switzerland’s Hirslanden Private Hospital Group has sold SFr145m (US$162.7m) fixed-rate debt to refinance outstanding debt.

It sold the five-year bond at 1.25%. This was at the tight end of ITPs and was described by bankers away from the deal as flat to Hirslanden’s curve.

The bond shaves 375 basis points off the group’s cost of borrowing. It refinances the hospital group’s SFr145m February 2021s with a coupon 1.625%.

“The successful refinancing enables Hirslanden to lower its interest expense and to extend its debt maturity profile,” it confirmed in a statement.

The majority of the paper was taken by banks.

UBS Investment Bank and Zürcher Kantonalbank acted as joint lead managers.