Gruppo San Donato SpA (GSD) plans to issue €600 million new senior secured fixed-rate notes and a €570 million term loan (of which €250 million will be undrawn at close), maturing in 2031. The company intends to use the proceeds to refinance existing debt, finance the potential exercise of the America Heart of Poland (AHP) put option, distribute a one-off payment to its parent Papiniano SpA, and cover transaction costs. The group?s capital structure also comprises a new €150 million revolving credit facility (RCF), also maturing in 2031, which we expect to remain undrawn. Following a series of deals in Poland with the acquisition of AHP in 2023 and Scanmed Group in 2024, GSD has become the fifth-largest player in
