Asklepios signs off on first-ever commercial paper program for EUR 500.0 million

Asklepios Kliniken GmbH & Co. KGaA has signed off on the company's first-ever commercial paper (CP) program for EUR 500.0 million, thus gaining access to an expanded financing market.

In the future, the CP program will enable the issuance of bearer bonds with terms of up to 364 days in the context of the Asklepios Group’s active liquidity management. The funds raised under the program will be used for general corporate financing.

“The adoption of the commercial paper program should be seen as part of the Asklepios Group’s long-term financing strategy,” says Hafid Rifi, Chief Financial Officer of the Asklepios Group. “Thanks particularly to the conclusion of syndicated loans and the issuance of multiple Schuldschein loans, Asklepios has broad access to the banking and promissory note markets. With the commercial paper program, we are opening up new sources of financing in the short-term range and are thus even better prepared for future macroeconomic challenges,” Rifi continues.

“With the CP program, we are expanding our financing options with a cost-effective and flexible debt capital instrument,” adds Benedikt Brörmann, Head of Corporate Finance & Treasury at Asklepios. “The program financially supplements our existing bilateral and syndicated credit lines and applies the standards of the International Capital Market Association (ICMA) for documentation.”

The establishment of the commercial paper program was guided by Commerzbank AG, which served as the arranger. The dealers under the program are BNP Paribas, Commerzbank AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Landesbank Hessen-Thüringen and Landesbank Baden-Württemberg. Asklepios’s legal adviser was Linklaters LLP.