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 |
Or visit our website:
Follow 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)
Attachment
