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Med Life S.A. - M

Communique Q1 2020 financial results

Release Date: 5/15/2020 12:29:58 PM

IRIS Code: 8B084

 

MedLife Medical System announces increase of existing facilities by EUR 20 million by signing a EUR 110 million syndicated loan

At the same time, MedLife Group publishes the financial results for Q1 2020, Sales increasing by 11% compared to the same period last year

Bucharest, May 15, 2020: MedLife Medical System, the leader of the private medical services market in Romania, announces the signing of a syndicated loan facility totaling approximately EUR 110 million, through an amendment and increase of its existing facilities by EUR 20 million, funds that will be used for the development of several projects in the context of COVID-19, projects related to the area of prevention, research, refurbishment and not only, but also for the extension of the M&A program, both nationally and internationally.

According to the company's representatives, 9 million euros will be added to this increase, liquidity available from the facility approved in the third quarter last year, the company having a total of 29 million euros dedicated to development, innovation and acquisitions.

“2020 started differently than we all were used to, but nevertheless, despite the changes that followed, the necessary measures and restrictions that were imposed, we mobilized our forces and adapted to the new conditions of the COVID-19 pandemic. We were among the first companies in Romania to quickly implement a comprehensive system of medical prevention and triage measures to keep medical staff and patients safe. We opened RT PCR laboratories for testing the SARS-CoV-2 virus. We have invested considerable resources in the preventive and systematic testing of medical staff and support staff in MedLife units, moreover, conducting a representative study at the urban level - the largest in the region and one of the largest in Europe that used for validation four testing methods. We launched the online consultation platform, we developed special programs for psychological counseling, online gym classes and other programs dedicated to the corporate segment. We have mobilized very well, we are perhaps the most prepared company to overcome this period and we continue in this direction. We will allocate the new credit facility to the comprehensive development plan, both for the projects dedicated to the COVID era, as well as to the acquisitions and innovation area”,  said Mihai Marcu, CEO and President of MedLife Group.

 

The syndicate of banks that signed the new syndicated loan is comprising the following lenders: Banca Comerciala Romana, as coordinator, mandated lead arranger, documentation agent, facility & security agent and lender, Raiffeisen Bank, BRD Groupe Societe Generale and Banca Transilvania, as lead arrangers and lenders.

 

The transaction was assisted by Iulia Malis law office, through lawyer Iulia Malis on MedLife side and by Tuca, Zbarcea si Asociatii law firm, through lawyers Mihai Dudoiu, Partner and Sergiu Negreanu, Senior Associate, on the  lenders’ side.

As for the financial results for the first quarter of 2020, according to company representatives, they reflect the pandemic context of recent months, along with the measures imposed by the authorities in favor of public health, registering at group level a pro-forma turnover of 256 million RON, up by 11% compared to the same period last year.

“It was expected that the measures taken by the government on reducing the activity of private units and even suspending the activity for certain business lines, such as dentistry, but also the measures on traffic restrictions and social isolation, to impact our revenues. However, the huge effort made by the entire team across the country to be in positions at the national level and to be able to support patients at any time regardless of the dynamics and evolution of this crisis has been noted. We adapted quickly and were quick to offer customized solutions tailored to the current needs and context. We now see this unitary effort in the reported figures, results that confirm once again the professionalism of the MedLife team. I want to thank them once again for their mobilization and involvement. We are ready to go further and overcome this period of crisis, together we are doing Romania well", said Mihai Marcu.

 

 

 

 

 

 



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