Ontex repays term loan facility and reaches agreement to extend revolving credit facility until end 2025
01 Giugno 2023 - 8:00AM
Ontex repays term loan facility and reaches agreement to extend
revolving credit facility until end 2025
Aalst, Belgium, June 1, 2023 – Ontex Group NV
(Euronext Brussels: ONTEX) (“Ontex”), a leading developer and
producer of hygienic products and solutions for retailers and
healthcare, announces that it has reimbursed its €220 million euro
term loan, with proceeds from its recently divested Mexican
business activities. It also reached an agreement with the bank
syndicate to extend its current revolving credit facility of up to
€250 million, from June 2024 to December 2025.
The maximum amount of the extended revolving credit facility is
raised to €270 million until June 2024 and then set at €243 million
until maturity. Initially, it carries a slightly higher interest
rate than before the extension, similarly based on EURIBOR plus a
margin. The margin is subject to the leverage ratio and equals 2.6%
at a leverage of 4.0x, which is the maximum leverage target set by
Ontex for the end of 2023. The facility continues to limit dividend
pay-out over its term and remains subject to covenant tests,
requiring the leverage ratio not to exceed 4.25x by the end of 2023
and to decrease further thereafter [1].
The term loan repayment and revolving credit facility extension
are further steps in the execution of Ontex’s refocus strategy and
continued operational and balance sheet improvement. Ontex’s main
financing now consists of its €580 million 3.5% fixed rate bond,
maturing in July 2026.
Enquiries
-
Investors
Geoffroy Raskin +32
53 33 37
30
investor.relations@ontexglobal.com
-
Media
Maarten Verbanck +32 53 33 36
20
corporate.communications@ontexglobal.com
About Ontex
Ontex is a leading international developer and
producer of hygienic products and solutions for retailers and
healthcare, with expertise in baby care, feminine care and adult
care. Ontex’s innovative products are distributed in around 100
countries through leading retailer brands, lifestyle brands and
Ontex brands. Employing some 7,500 people all over the world, Ontex
has a presence in 20 countries, with its headquarters in Aalst,
Belgium. Ontex is listed on Euronext Brussels and is part of the
Bel Mid®. To keep up with the latest news, visit ontex.com or
follow Ontex on LinkedIn, Facebook, Instagram and
YouTube.
ONTEX GROUP NV Korte Keppestraat 21 9320
Erembodegem (Aalst, Belgium) 0550.880.915 RPR Ghent – Division
Dendermonde
1The new covenant tests, measured over the Total
Group’s financials, including discontinued operations, consist
of:
Leverage covenant: The leverage ratio of net
financial debt over the last-twelve-months adjusted EBITDA is not
to exceed 5.25x by the end of June 2023, 4.25x by December 2023,
3.60x by June 2024, and 3.25x by December 2024 and June 2025.
Liquidity covenant: The sum of cash & cash
equivalents and the non-utilized portion of the revolving credit
facility is set at minimum €215 million at the end of each quarter
until June 2024, and €194 million beyond that date.
- 230601_TermLoanRepayment RCF_EN
Grafico Azioni Ontex Group NV (EU:ONTEX)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Ontex Group NV (EU:ONTEX)
Storico
Da Dic 2023 a Dic 2024
