New bank term loan financing for 200M€
COMPAGNIE DES ALPES ANNOUNCES A NEW BANK TERM LOAN FINANCING FOR 200 MILLION EUROS
THE NEW FACILITY INCLUDES CSR COMMITMENTS FROM 2023
After having concluded a €300m syndicated RCF (Revolving Credit Facility) in June 2022, the Group is pleased to announce that it has signed on 16 December 2022, a new 5 years Term Loan financing with its main banking partners for 200 million euros.
While the RCF line is intended to constitute the committed liquidity of the Group, this new Term Loan is intended to finance general future needs, in particular those related to growth. It will be drawn as and when required, for an availability period of 12 months. Amortisation is at the end of the term (100% bullet), on 16 December 2027. The pool of lenders consists of BNP Paribas, Groupe BPCE, Groupe Crédit Agricole, Groupe CM-CIC, Société Générale and La Banque Postale.
In line with the Group's commitments in terms of social and environmental responsibility in the RCF, this new Term Loan includes the same sustainable performance indicators, i.e. CO2 emissions and safety at work. The annual trajectories of these two indicators will be defined at the beginning of 2023, in consultation with our lenders.
"This new financing strengthens our financial structure, extends the debt’s maturity and will support our future needs for the next years. It also demonstrates the confidence of our banking partners in the future development of our Group," said Alexia Cadiou, Group Finance Director.
As this new term loan agreement is a regulated agreement, it was approved by the Board of Directors of Compagnie des Alpes SA, the directors concerned not taking part in the vote.
For this transaction, Compagnie des Alpes was advised by Redbridge Debt & Treasury Advisory as financial advisor and Gide Loyrette Nouel as legal advisor. BNP Paribas acted as Coordinator and Documentation Agent, CACIB as Facility Agent and CSR Coordinator, and Allen & Overy as lenders’ counsel.
Upcoming events and releases:
• 2022/2023 1st quarter sales: Tuesday, January 24, 2023, after stock market close
• Annual Shareholders’ Meeting: Thursday, March 9, 2023, morning
• 2022/2023 2nd quarter sales: Tuesday, April 25, 2023, after stock market close