EDENRED S.A.: SUCCESSFUL €500 MILLION BOND ISSUE
22 Mars 2017 - 06:31PM
PRESS
RELEASE
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March 22, 2017 |
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Successful €500
million bond issue |
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Edenred announces the success of its €500 million 10-year 1.875% bond
issue.
The bond issue was placed with a
diverse base of more than 100 international institutional
investors and was more than three times oversubscribed,
confirming the market's confidence in the Group's credit
quality.
The new bond issue will provide
financing for general corporate purposes and, more particularly,
for the Group's growth projects. Following the €250 million
Schuldschein loan issued by the Group in June 2016 under
particularly favorable conditions, this new bond issue will also
contribute to repaying the €510 million 3.625% bond issue due in
October 2017.
Maturing in March 2027, the new
bond issue has an immediate effect on the average maturity of the
Group's debt, increasing it to 5.4 years from 4.4 years
at December 31, 2016, and reduces its average cost of debt to
2.1%[1] versus 2.5%
at December 31, 2016. After repayment of the €510 million
bond issue in October 2017, Edenred will have a particularly
well-balanced debt profile, with no major repayments due before
2025 and average maturity extended by around two years.
Patrick
Bataillard, Executive Vice President, Finance, said:
"The success of the bond issue and the conditions
obtained reflect the confidence investors place in Edenred's
strategy of profitable and sustainable growth. It demonstrates our
ability to strengthen our financial position and reduce our average
financing costs. Once the bonds due in October 2017 have been
repaid, we will have no major repayments due before 2025. With this
new bond issue and our €700 million revolving credit line, we
have the resources we need to finance our growth ambitions, whether
by investing in new areas or seizing external growth
opportunities."
Edenred has been rated "BBB+/A-2
Outlook stable" by Standard & Poor's, corresponding to a
"strong investment grade" rating.
Crédit Agricole CIB, HSBC and SG
CIB acted as global coordinators and joint bookrunners. Barclays,
BNP Paribas, Citi and Santander also acted as joint
bookrunners.
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Edenred, which invented the Ticket
Restaurant® meal voucher
and is the world leader in prepaid corporate services, designs and
manages solutions that improve the efficiency of organizations and
purchasing power to individuals.
By ensuring that allocated funds are used
specifically as intended, these solutions enable companies to more
effectively manage their:
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Employee benefits (Ticket
Restaurant®, Ticket
Alimentación, Ticket CESU, Childcare Vouchers, etc.)
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Expense management process (Ticket
Car, Ticket Clean Way, Repom, etc.)
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Incentive and reward programs (Ticket Compliments, Ticket Kadéos, etc.)
The Group also
supports public institutions in managing their social programs.
Listed on the Euronext Paris stock exchange,
Edenred operates in 42 countries, with close to 8,000 employees,
750,000 companies and public sector clients, 1.4 million affiliated
merchants and 43 million beneficiaries. In 2016, total issue volume
amounted to almost €20 billion.
Ticket
Restaurant® and all other
tradenames of Edenred products and services are registered
trademarks of Edenred SA.
Follow Edenred on
Twitter: www.twitter.com/Edenred
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CONTACTS
Media Relations
Timothée Lenoir
+33 (0)6 46 67 62 93
timothee.lenoir@elanedelman.com
Anne-Sophie Sibout
+33 (0)1 74 31 86 11
anne-sophie.sibout@edenred.com
Anne-Sophie Sergent
+33 (0)1 74 31 86 27
anne-sophie.sergent@edenred.com |
Investor and Shareholder Relations
Aurélie Bozza
+33 (0)1 74 31 84 16
aurelie.bozza@edenred.com
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[1] Excluding
the Brazilian loans, the average cost of debt is 1.5%.
Emission obligataire_ VENG_v2017 03
22_vdef
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: EDENRED S.A. via Globenewswire
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