Houlihan Lokey Advises Schön Klinik

Houlihan Lokey is pleased to announce that Schön Klinik SE (Schön Klinik) has raised a new €180 million revolving credit facility (RCF) and repriced and upsized its existing €350 million Term Loan B to a total of €685 million. The transaction closed on 13 February 2025. Houlihan Lokey served as the exclusive financing advisor on this transaction.

Schön Klinik is among Germany’s top four private hospital groups, leading in mental health and with a strong footprint in somatic medicine. Founded in 1985 and headquartered in Munich, the company is dedicated to delivering outstanding medical care while maintaining financial strength. Schön Klinik upholds the principle that superior medical quality results in higher patient demand, leading to growth and financial stability.

Schön Klinik operates a highly attractive portfolio of 17 hospitals offering a comprehensive range of treatments focusing on mental health, somatic care, rehab, and outpatient services. The company has a metropolitan focus, and its facilities are regional champions, evidenced by high patient satisfaction. Owning 16 operated hospitals, Schön Klinik has a strong asset base with a well-invested and maintained real estate portfolio in premium locations.

Schön Klinik is owned and controlled by a holding company of the founding family, Schön. In 2016, Schön Klinik brought in Carlyle Global Partners as a minority investor with a stake of 22.8% to leverage its global healthcare expertise and investment skills for the company’s internationalisation strategy.

Backed by strong financial performance and secondary trading, the company successfully repriced and upsized its outstanding Term Loan B facility, refinancing maturing indebtedness while significantly reducing its cost burden. At the same time, Schön Klinik secured a new and upsized RCF with improved and more flexible credit terms. Rating agencies responded positively to the transaction, with S&P and Fitch maintaining their ratings and Moody’s issuing an upgrade. This successful transaction has resulted in a more efficient capital structure and strengthened relationships with key banks.

Houlihan Lokey served as the exclusive financial advisor on all commercial aspects of the financing transaction (including rating advisory) and supported the company in structuring a competitive financing package with highly attractive terms.

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