MyDentist (IDH)  6.25% 15 Aug 2022

Business Description

IDH trades under the mydentist brand and is Europe’s largest vertically-integrated dental business and the United Kingdom’s number one dental practice chain. The company has 598 NHS dentistry contracts across a network of 677 dental practices throughout England, Scotland, Wales and Northern Ireland.

As at 31 March 2016, IDH's patient services division had a market share of approximately 7% in terms of revenue and a market share of approximately 5% in terms of number of practices and held contracts for approximately 15% of all units of dental activity commissioned in England and Wales.

IDH dental practices, operating under the “mydentist” brand, offer a broad range of primary care dental services, including dental examinations, fillings and extractions, as well as more specialised dental services such as cosmetic dentistry and orthodontics. IDH is also a leading provider of private dentistry services in the United Kingdom, which has grown quickly as the UK economy has strengthened.

IDH operates in the UK dental market, which benefits from stability in terms of volume and pricing and from favourable systemic trends, including continued government focus on improving access to dental services, favourable demographic trends and an increasing overall spend on dentistry. Through their practice services division, IDH is a leading supplier of dental and other medical consumables and materials and services (including installation and servicing of specialized dental equipment), selling dental supplies and services to at least 8,000 dental practices, including its patient services division’s dental practices, with an estimated market share of 25% in the United Kingdom, by revenue.

Bond Information

Coupon

6.25%

Maturity Date

15 Aug 2022

Next Interest Payment

15 Feb 2020

Interest Period

6 months

ISIN

XS1458419501

Asset Security

First ranking charge over company assets

Amount

£275,000,000

Ratings

S&P:  B-, Moody's:  Caa1

Call Schedule

15 Aug 2018 at 103.125
15 Aug 2019 at 101.563
15 Aug 2020 at 100

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

IDH Finance plc

Industry

Healthcare

Country of Origin

UK

Year of Incorporation

1999

Ownership Status

Private

Capital Structure

Senior Debt 50%

Junior Debt 16%

Equity 34%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

Source: Public Company Information

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company Information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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