NEOPOST SUCCESSFULLY REFINANCES ITS DEBTS MATURING IN 2019
May 15 2019 - 11:45AM
NEOPOST SUCCESSFULLY REFINANCES ITS DEBTS MATURING IN 2019
NEOPOST SUCCESSFULLY REFINANCES ITS
DEBTS MATURING IN 2019
Issuance of a new Schuldschein private
placement amounting to €210 million under very favorable
conditions
Paris, May 15, 2019
Neopost, a global leader in mail solutions,
business process automation, customer experience management and
parcel locker solutions, today announced that it has successfully
raised the equivalent of EUR 210 million (EUR 130 million
and USD 90 million) through a Schuldschein, a private
placement loan issued under German law.
This transaction is mainly intended to repay existing lines
maturing in 2019 i.e. the private placement bond amounting to EUR
150 million, bearing a 3.50% coupon and a US private placement
tranche of USD 26 million.
Taking into account current Libor 3-month and Euribor 6-month
rate conditions, the average rate of this new Schuldschein
placement stands at 2.55%, which will result in lowering the
Group’s average cost of debt.
In addition, with maturities ranging from 4 to 7
years, this new financing will allow the extension of the average
maturity of the Group’s debt.
This new private placement is subject to
compliance with the covenants excluding leasing operations
currently in place, with notably a leverage ratio excluding leasing
operations1 below 3.0 and Group shareholders’ equity greater
than EUR 600 million.
Jean-François Labadie, Chief Financial Officer
of Neopost, commented: “The success of the transaction
and the particularly favorable conditions demonstrated the
investors’ confidence in the Group’s new strategy “Back to Growth”
announced on 23 January 2019. Subscribed by Europeans and Asian
investors, this transaction also contributes to the diversification
of our source of financing.”
The funds are raised at fixed rate for 32% of
the total amount and variable rate for 68% and have the following
maturities:
- 50% of the amount maturing in 4 years
- 35% of the amount maturing in 5 years
- 15% of the amount maturing in 6 and 7 years
The Group points out that its net debt, which
stood at EUR 617 million on 31 January 2019, is fully backed by
future cash flows coming from its rental and leasing
activities.
CALENDAR
The first-quarter 2019 sales press release will
be published on May 27, 2019 after market close and Neopost’s
Annual General Meeting will be held in Paris on June 28, 2019.
|
ABOUT NEOPOST NEOPOST is a global
leader in mail solutions, business process management, customer
experience management and parcel locker solutions. Its mission is
to deliver reliable solutions that create relevant and personalized
interactions.With a direct presence in 29 countries and around
5,800 employees, Neopost reported annual sales of €1.1 billion in
2018. Its products and services are sold in more than 90 countries.
Neopost is listed in compartment A of Euronext Paris and belongs to
the SBF 120 index. |
For more information, please
contact:
|
Gaële Le Men, Neopost |
OPRG Financial |
|
Financial and Corporate Communications Director |
Isabelle Laurent / Fabrice Baron |
|
+33 (0)1 45 36 31 39 |
+33 (0)1 53 32 61 51 /+33 (0)1 53 32 61 27 |
|
g.le-men@neopost.comfinancial-communication@neopost.com |
isabelle.laurent@oprgfinancial.frfabrice.baron@oprgfinancial.fr |
Or visit our website:
www.neopost-group.comFollow us on:
LinkedIn @Neopost – Twitter @NeopostGroup – Instagram
@neopostgroup
1 Consolidated net debt excluding leasing
operations /consolidated EBITDA excluding leasing operations(EBITDA
= current operating income + provisions for depreciation of
tangible and intangible fixed assets)