New seven-year financing package, strongly oversubscribed and supported by 19 international banks, strengthens Dr. Max’s long-term financial flexibility and supports its next phase of the growth.
Dr. Max secures EUR 1,86 billion refinancing to support long-term growth
Dr. Max Group, Europe’s largest pharmacy network and omnichannel healthcare retailer, today announced the successful completion of its 2026 refinancing process. The new financing package provides the Group with total long-term facilities of approximately EUR 1,86 billion, supported by a broad club of 19 international banks.
The refinancing was strongly oversubscribed, reflecting the high level of confidence of Dr. Max’s banking partners in the Group’s strategy, financial profile and long-term growth ambitions.
The refinancing includes approximately EUR 1,4 billion of term loans, a EUR 50 million revolving credit facility, EUR 55 million of ancillary limits for guarantees and related purposes, and an accordion facility of EUR 350 million, which may be utilized at a later stage if required.
The new facilities have a seven-year tenor providing Dr. Max with a stable long-term financing platform, an extended maturity profile and enhanced liquidity flexibility to support strategic growth or M&A opportunities.
Thomas Bornemann, Group CFO of Dr. Max, said:
“This refinancing gives us exactly what we were aiming for: a stable long-term financing platform that supports our growth ambitions while providing greater financial flexibility. We are particularly pleased with the strong support received from our banking partners. The fact that the transaction was significantly oversubscribed and supported by 19 banks is a strong vote of confidence in Dr. Max, our strategy and the business we continue to build across Europe. “
The proceeds of the refinancing will be used to refinance existing financial indebtedness, support future growth initiatives, including selective acquisitions where strategically and financially compelling and provide additional liquidity for general corporate purposes and future strategic flexibility. The accordion facility provides Dr. Max with additional flexibility to access further financing, subject to future decision and utilization if required.
Marek Hvožďara, Group Treasurer of Penta Investments added:
“The new financing structure gives Dr. Max additional flexibility to pursue attractive growth opportunities, including selective acquisitions that strengthen its market position while maintaining a disciplined financial approach. Our priority as a shareholder remains the same - sustainable, value-creating growth of the platform that strengthen market position of Dr. Max and access to trusted, affordable healthcare for patients and customers across Europe.”
The successful refinancing reflects the strength of Dr. Max’s long-standing banking relationships and the continued confidence of its financing partners in the Group’s strategy and long-term business model.
UniCredit Bank Czech Republic and Slovakia, a.s. and Komerční banka, a.s. acted as Coordinators, Bookrunners and Mandated Lead Arrangers for the transaction. UniCredit Bank Czech Republic and Slovakia, a.s. acts as Facility Agent and Security Agent.
Allen Overy Shearman Sterling (Czech Republic) LLP and Jan Evan, advokátní kancelář s.r.o. acted as legal counsel to Dr.Max. White & Case, s.r.o., advokátní kancelář acted as legal counsel to the lenders.
About Dr. Max Group
Dr. Max Group is the Europe’s largest pharmacy network, operating more than 3 300 pharmacies across Europe. Founded in 2004 in the Czech Republic and backed by Penta Investments, the Group serves millions of patients daily across Czech Republic, Slovakia, Romania, Poland, Italy and Serbia and with Magna sales and marketing reaching 18 European countries. With more than 22 000 employees a growing suite of pharmacist-led health services and an online pharmacy offering convenient access to patients, Dr. Max is redefining the pharmacy as a frontline healthcare partner - accessible, affordable and trusted.
Dr. Max Group is a European pharmaceutical concern owned by Penta, an investment group established in 1994, operating primarily in the countries of Central and Eastern Europe. Their offices are located in Prague, Bratislava, Warsaw, and Limassol. The business areas of Penta Investments include long-term investing in healthcare, financial services, retail, manufacturing, media and real estate development. The companies of Penta’s portfolio employ more than 43,000 people, with more than 22,000 professionals working in healthcare. The group’s assets value reached €14 billion in 2022.