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HBM Healthcare Investments
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==Gearing: New lower-cost CHF100m bond tranche== HBMN is modestly geared via two tranches of straight (ie not convertible) bonds amounting to CHF150m (equating to c 7.7% of net assets at 16 May 2022), maturing in July 2023 and July 2027. A previous CHF50m bond tranche matured in July 2021 and was replaced with a new CHF100m issue (maturing in 2027) with an effective interest rate of 1.32% (versus 2.67% for the CHF50m tranche). However, at 31 March 2022, the gearing was more than offset by cash and equivalents and HBMN had a net cash position of 3.4% (CHF74.8m).
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