Medica in IPO

February 21, 2010

Cleary Gottlieb represented the underwriters in the initial public offering of Medica, a leader in the French long-term dependency care sector. The initial public offering consisted of a public offering in France and an international offering carried out pursuant to Regulation S and Rule 144A. Medica's shares were listed on Euronext Paris (Compartment B). Gross proceeds of the offering were €313.7 million, including the exercise of the over-allotment option and a reserved private placement to Predica (a subsidiary of Credit Agricole Assurances). The transaction launched on January 26, priced on February 9, and closed on February 12. BNP Paribas, Credit Suisse, and RBS acted as Global Coordinators, Joint Lead Managers and Joint Bookrunners in the offering. Credit Agricole and HSBC acted as Co-lead Managers and Oddo et Cie acted as Co-Manager.

The Medica group operates mainly in two business sectors: the “long-term care” sector, including nursing homes, with 111 facilities in France and Italy at December 31 and the post-acute and psychiatric sector, mainly at rehabilitation and recuperative care facilities and psychiatric facilities with 37 facilities at December 31.