(AOF) – Quadient has successfully raised the equivalent of € 270 million (€ 178 million and US $ 105 million) through a private placement governed by German law called Schuldschein. “Due to strong investor interest, the volume of the transaction was increased to 270 million euros against 100 million euros initially planned,” said Quadient.
Combined with the group’s current cash position, this new issue aims to anticipate a significant part of the refinancing of the Schuldschein private placements maturing in 2022 and 2023 (81 million euros and 187 million euros respectively), as well as the repayment of the ODIRNANE bond by June 2022 (265 million euros).
Taking into account the rate conditions prevailing for the 3-month Libor and the 6-month Euribor, the average rate of this new Schuldschein private placement is approximately 1.63%, which will lead to a reduction in the average cost of debt of the group.
In addition, with maturities of between 5 and 7 years, this new issue, combined with the immediate repayment of 130 million euros of Schuldschein private placements maturing in 2022 and 2023, will allow the group to extend the average maturity. of its debt.
This new private placement is subject to compliance with covenants excluding leasing activities currently in place, notably including financial leverage excluding leasing activities of less than 3.
As a reminder, the group’s net debt stood at 526 million euros at July 31, 2021, with a robust cash position of 722 million euros, including available cash of 322 million euros and a line of credit. undrawn for an amount of € 400 million.
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