Belysse Signing new € 20m super-senior revolving credit facility
Belysse announced to have signed an agreement for a new € 20m revolving credit facility, with a term of 3.5 years. The announcement marks further progress on the ongoing refinancing and we remind Belysse already announced in December a new € 120m credit facility which will be used to repay outstanding senior secured notes. We remind that Belysse starts to see lower raw materials costs filtering through in its P&L, with 3Q adjusted EBITDA up 51% sequentially. We acknowledge that the high leverage and weak macro economic conditions have dented investor perception on Belysse, but the improving earnings momentum and attractive forward valuation metrics prompt us to reiterate our Accumulate rating and € 2 target price.Balta Group NV is a Belgium-based company engaged in the home furnishings industry. The Company is a producer of textile floor coverings in Europe. Its products portfolio encompasses: woven and tufted area rugs (balta home), wall-to-wall carpets and residential carpet tiles (balta carpets and ITC), wall-to-wall contract carpet and commercial carpet tiles (arc edition, modulyss and Bentley), and needle felt and technical non-wovens (Captiqs). It has several production sites worldwide in the domestic market, Turkey and the United States. In addition, Balta Group NV delivers customer-focused approach to its business and is engaged in the solar panel projects in the Benelux region in order to supply renewable energy to fuel its production facilities.
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