DMS Group Secures €20M Funding from EIB, Accompanied by Warrants
French medical imaging specialist DMS Group received the first installment of €4M from a €20M financing line granted by the European Investment Bank (EIB) under the InvestEU program on Monday. This drawdown is accompanied by the issuance of stock warrants intended for the lending institution.
Financing Structured in Three Tranches
The €20M financing from the EIB is disbursed in three staggered tranches. Tranche A of €4.0M, received on Monday, carries a fixed annual interest rate of 5%, with 3% deferred and payable at maturity. Tranches B (€6.0M) and C (€10.0M) will be available respectively 18 and 36 months after the signing of the financing agreement, subject to achieving operational, economic, research and development, and regulatory milestones. All tranches are amortizable over a period of 4 years after a deferment of 2 years from the drawdown, giving a total maturity of 6 years. The disbursements of Tranches B and C remain at the discretion of DMS Group.
Issuance of Warrants for the EIB
In return, DMS Group has issued 1,205,838 non-listed stock warrants (BSA) for the benefit of the EIB. Each warrant entitles the holder to one new share at an exercise price of €1.3143608998 per share. The EIB may exercise the warrants at any time after the maturity of Tranche A, scheduled for May 2032, i.e., in 6 years unless there is an exceptional event such as non-repayment or a change of control of the Company. The warrants have a lifespan of 14 years, until May 13, 2040. The potential exercise of all the warrants would represent a dilution of 4.32% of the share capital. A shareholder currently holding 1.00% of the capital would hold about 0.96% after full exercise of these.
Support for Innovation in Medical Imaging
This financing aims to support DMS Group's long-term innovation program focusing on the next generation of medical imaging solutions. The associated expenditures will be primarily incurred in France. DMS Group, a French specialist in digital radiology and bone densitometry, reported a consolidated turnover of €50M in 2025, with over 80% generated internationally.
