Financing Details
Auna S.A. priced $365 million in 8.750% senior secured notes due 2032, with $328.5 million sold in a private placement to qualified institutional buyers under Rule 144A and $36.5 million sold to the International Finance Corporation under Section 4(a)(2). The notes were priced at 100% of par and will settle on November 6, 2025.
Use of Proceeds
The proceeds will fund a tender offer to redeem the outstanding 10.000% senior secured notes due 2029 and to prepay debt under the company’s credit agreement, covering related interest, fees and expenses. As of October 31, 2025, 73.39% of the 2029 notes had been tendered, representing approximately $273.7 million in principal.
Leverage and Deleveraging Strategy
The financing supports Auna’s medium‑term deleveraging target of reducing net debt to EBITDA to 3x, down from 3.6x in Q2 2025. The company’s leverage ratio has trended downward from 4.13x in Q2 2024 to 3.7x in Q3 2024 and 3.6x in Q2 2025, with a long‑term goal of below 3.0x.
Market and Strategic Context
Auna operates in Mexico, Peru, and Colombia, and the notes will help fund expansion plans, including a planned $500 million investment over the next three to five years in Mexico to grow its insurance network and oncology services. The company also continues to expand its vertically integrated “AunaWay” model, which focuses on six pillars—Access, Patient Centricity, Excellent Medical Outcomes, Integrated Operational Strategy, Deliberate Growth, and Culture—to standardize protocols and increase access to care.
Management Commentary
Management highlighted that the deleveraging strategy will reduce interest expenses and improve financial flexibility for future investments, while the tender offer will eliminate restrictive covenants and default provisions from the 2029 notes. The company also noted that the market context in Spanish‑speaking Latin America presents significant healthcare gaps and growing demand for high‑complexity services, positioning Auna to capitalize on these dynamics.
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