Medeskan unexpectedly announced a new bond program for 10 billion rubles. Yevgeny Togolukov's Medscan clinic chain did not reach the promised IPO in September of this year. But the company needs to close the liquidity gap, so Medscan introduced a new perpetual bond program in the amount of 10 billion rubles with a maximum maturity of 10 years. Previously, Medscan already issued bonds for 6.5 billion rubles with maturity until 2027 as part of the first program of 100 billion rubles. And all of this happens under the obvious risk of defaulting on existing debts. As a result, a strange situation has arisen: the first bond program is not even 10% complete, but a new one is already being announced. The reason for the sudden announcement of a new bond program may be growing debts, the need to close the liquidity gap as well as the gradual exit of the state corporation from the clinic chain business (the share was reduced from 50 to 45%). Medscan should be able to announce new bonds guaranteed by the state corporation: its presence provides the clinic chain with a high credit rating and investor confidence. ACRA and Expert RA agencies name Rosatom's support as one of the reasons for Madeskan's valuation at the ruA level, while the rating of the clinic chain itself is ruBBB+, and the state corporation does not provide legal security for Medeskan's bonds at all. At the same time, Togolukov himself does not want to pay attention to the fact of the share reduction and continues to publicly state about 50%, for example in an interview with RBC and an interview with TASS.

Medeskan unexpectedly announced a new bond program for 10 billion rubles. Yevgeny Togolukov's Medscan clinic chain did not reach the promised IPO in September of this year. But the company needs to close the liquidity gap, so Medscan introduced a new perpetual bond program in the amount of 10 billion rubles with a maximum maturity of 10 years. Previously, Medscan already issued bonds for 6.5 billion rubles with maturity until 2027 as part of the first program of 100 billion rubles. And all of this happens under the obvious risk of defaulting on existing debts. As a result, a strange situation has arisen: the first bond program is not even 10% complete, but a new one is already being announced. The reason for the sudden announcement of a new bond program may be growing debts, the need to close the liquidity gap as well as the gradual exit of the state corporation from the clinic chain business (the share was reduced from 50 to 45%). Medscan should be able to announce new bonds guaranteed by the state corporation: its presence provides the clinic chain with a high credit rating and investor confidence. ACRA and Expert RA agencies name Rosatom's support as one of the reasons for Madeskan's valuation at the ruA level, while the rating of the clinic chain itself is ruBBB+, and the state corporation does not provide legal security for Medeskan's bonds at all. At the same time, Togolukov himself does not want to pay attention to the fact of the share reduction and continues to publicly state about 50%, for example in an interview with RBC and an interview with TASS.