SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Troubled NMC Health is likely to find another suitor in Abu Dhabi after the Emirates sovereign fund Mubadala has shown interest in buying NMC Health’s core hospital business. Mubadala, which has over $230bn in AUM said, “As an investor we regularly assess opportunities for their potential fit into our portfolio”. Mubadala joins Abu Dhabi state-owned ADQ and Europe’s largest PE firm CVC with interests in the beleaguered healthcare chain. Saudi’s Sulaiman Al Habib Medical Group (HMG) and hospital chain operator Mediclinic are also among the other suitors. NMC, UAE’s largest healthcare provider is looking at liquidating its healthcare businesses in UAE and Oman after being forced into administration due to ~$4bn undisclosed debt. At its peak, NMC had a market cap of $10bn on the London Stock Exchange. However, now NMC could fetch about $1bn from the sale of its business across UAE and Oman. The news comes after the company’s UAE and Oman business performed better than expected and reported gross revenues of $1.12bn with an EBITDA of $87.6bn for 2020.
NMCs bonds continue to trade at distressed levels. Its 5.95% 2023s and 1.875% 2025s were up 0.02 and 0.01 to trade at 17.09 and 13.86 cents on the dollar.
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