Orpea - comment

Orpea released their Q3 revenue numbers last night. But with the transformation plan scheduled for next Tuesday and no guidance on EBITDA, there is limited info in the release. Driving the higher Q3 numbers is the improved occupancy rates across the Group plus the contribution of facilities opened in the last 12 months. Orpea has given a specific occupancy rate in France (average 85.4%) higher than Q2 (0.9%) but lower than Q3 2021 by 1.5%). We expect significantly more details next Tuesday morning.

Orpea disclosed it borrowed a further €40m under the B facility with the balance €34m, to be fully drawn by year-end to refinance core banking group contractual bilateral debt instalments. Concerning the C Loan, a further €462m is expected to be irrevocably drawn on the 16th of November, which reduces the availability under this facility to €242m.

Separately, the first meeting with Orpea’s unsecured debt holders will be held next Tuesday organised by Maître Hélène Bourbouloux.