Slaughter and May is advising Union Medical Healthcare on its proposed convertible bond/warrant issues to Goldman Sachs, OrbiMed and Gaw Capital

Slaughter and May Hong Kong is advising Union Medical Healthcare Limited (stock code: 2138) (“UMH”) on its proposed issue of:

  • 2.5% convertible bonds due 2025 of HK$234 million (approximately US$30 million) and warrants with face value of HK$273 million (approximately US$35 million) to Goldman Sachs Asia Strategic II Pte. Ltd and two employee funds of The Goldman Sachs Group, Inc.;
  • 2.5% convertible bonds due 2025 of HK$31.2 million (approximately US$4 million) and warrants with face value of HK$36.4 million (approximately US$4.7 million) to OAP III (HK) Limited (a wholly-owned subsidiary of OrbiMed Asia Partners III, L.P. an Asia-focused private equity fund); and
  • 2.5% convertible bonds due 2025 of HK$39 million (approximately US$5 million) to Waven World Limited (owned by Gaw Capital Partners).

The net proceeds of the issue of the convertible bonds and warrants (assuming full exercise) are expected to be up to approximately HK$611.7 million (approximately US$79 million), which will be utilised for general corporate purposes of UMH.

Application will made to the Hong Kong Stock Exchange for the listing of shares to be issued upon the exercise of the convertible bonds and the warrants.

UMH is listed on the Main Board of the Hong Kong Stock Exchange (stock code: 2138) and is the largest aesthetic medical service provider in Hong Kong that focuses on providing aesthetic surgical procedures, minimally invasive procedures and energy-based procedures in Hong Kong and Greater China and owns the brand DR REBORN. Dealings in the shares of UMH on the Hong Kong Stock Exchange commenced on 11 March 2016.

Slaughter and May Hong Kong advised the sole sponsor and underwriters on the IPO of UMH in March 2016.

Hong Kong
Benita Yu Partner
Ben Heron Partner
Clare Tsang Associate

Florence Ha / Trainee, Adrien Yeung / Trainee