Debt

Debt financing

Online healthcare platform Pharmeasy raises $190-M via high-yield bonds to refinance debt

International Financing Review  

API Holdings, the parent company of PharmEasy, Thyrocare Technologies, and DoCon, raised INR 169 crore (USD 190 million) through two tranches of high-yield and unlisted bonds. The proceeds would be used to refinance a high-cost loan from Goldman Sachs that was due by June 2026. The new bonds carry a blended effective yield of 12.81% for three years and feature reduced collateral requirements, including a pledge of just over 60% of listed Thyrocare shares compared to 100% under the previous facility.The bonds were arranged by 360 One and placed with corporate treasuries of firms such as Micro Labs, MVS Ventures, Bennett Coleman, Alkram Ventures, Kyrush Investments, Medley Pharmaceuticals, and Mahalaxmi Trust, in two tranches with coupons of 11.1% and 14.5%.API Holdings reported a net loss of INR 1,572 crore for the financial year ending March 2025, down from INR 2,534 crore in FY24. The company is considering reviving its IPO plans after withdrawing a proposed listing in 2022.