Slaughter and May advised Remgro Limited – launch of senior, secured guaranteed bonds exchangeable into shares of Mediclinic International Plc

Slaughter and May advised Remgro Limited, as guarantor, and its subsidiary Remgro Jersey GBP Limited, as issuer, on the placement of senior, secured guaranteed bonds due 2021 (the "Bonds"). The Bonds are exchangeable into shares of Mediclinic International Plc (the "Shares").

The aggregate issuance size is £350 million and the Bonds will pay a coupon of 2.625% per annum. Upon exchange of the Bonds, the issuer of the Bonds will have the discretionary right to deliver an amount in cash in lieu of the Shares, as fully described in the terms and conditions of the Bonds.

The net proceeds from the Bonds were used to partly refinance a loan facility provided to Remgro Limited in connection with the combination of Mediclinic International Limited and Al Noor Hospitals Group plc, on which Slaughter and May also advised.

Remgro Limited is one of South Africa's oldest and largest investment holding companies and is listed on the Johannesburg Stock Exchange.