€ 112m bond issue
On November 7 2017, Rivage Investment and Vivalto Home Belgium reached financial close on the availability of €100m in debt securities of which €53m was immediately raised.
The first tranche (€53m) was used to refinance the financial leases on seven of their nursing homes. This allowed Vivalto Home Belgium to benefit from the favourable interest rate environment. After developing a new financial model, Clairfield Benelux raised and closed in August 2018 slightly more than the remainder of the available funds (€48m). These funds will be used to acquire new nursing homes in the future.
The debt securities package is obtained under a project finance structure and will be repaid over a period of 30 years, with repayment taking place on the basis of a ‘sculpted’ payment schedule which is commonly used in project financing.
In March 2020, Clairfield raised an additional €11m in a third tranche for the renovation of one of the elderly care houses.
Vivalto Home Belgium is a Brussels based company engaged in providing residential services to elderly citizens.
Rivage Investment is a French alternative portfolio management and advisory firm with expertise in European infrastructure debt, private debt and listed equities. Their main clients are institutional parties such as pension funds and insurers.
Team members responsible for this transaction
Other Healthcare related transactions
€ 25m refinancing
Clairfield Benelux advised Medsen and Ceban on the refinancing of € 25m in credit facilities. Medsen and Ceban are portfolio companies of Van Lanschot Participaties. Medsen is a community pharmacy chain with 44 locations spread across the Netherlands. The compounding pharmacy Ceban prepares personalised medications on a semi-industrial scale.