For a cold and for inflation. Penta issues a giant bond package Dr. Max, they have to cover the price increase – E15.cz

The largest pharmacy chain in the Czech Republic Dr. Max came out with an offer for investors. It enters the market with a package of bonds in the amount of two and a half billion crowns, with a possible increase of up to five billion. The pharmaceutical giant, which is part of the Penta financial group, is entering the bond market at a time when it is stepping up its expansion in the European market. The issuer of the bonds is Dr. Max funding, for the repayment of the bonds, the pharmacy network indirectly guarantees its assets. CNB approved subsidiary Penta’s bond prospectus in mid-November. According to traders, part of the bonds may also end up with domestic small investors.

The parent company Dr. Max Glebi ​​Holdings from the Penta Investments group, which indirectly owns one hundred percent of the pharmacy chain. “The funds raised will go towards further acquisitions and investments within the Dr. Max,” says Penta group spokesperson Martin Lánský.

European pharmacy operator Dr. For example, Max Group announced at the weekend the purchase of the Italian pharmacy chain Neo Apotek to strengthen its position in the local market. The acquisition reached a value of 400 million euros, i.e. almost 10 billion crowns in conversion.

However, as the prospectus states, part of the money may be used outside of Penta Group’s pharmacy business: “The guarantor company Glebi ​​Holdings may provide a return to the guarantor’s shareholders.” The prospectus also states that at the time of its compilation, the purpose of the return from bond sales.

In the first wave, bonds worth 2.5 billion crowns are going on the market. Papers due in five years bear investors an annual interest of 8.5 percent, which coincidentally covers the Czech October inflation exactly. According to experts, its yield is one of the best that the corporate bond market currently offers.

This article is part of the PREMIUM+ package

Unlock exclusive content and ad-free videos on 9 sites.

Try for 1 CZK More information