SODEXO: Sodexo announces the reimbursement of its $1.6bn USPP debt to allow for greater independence and agility
25 Juin 2020 - 7:00AM
Issy-les-Moulineaux, June 25,
2020 - Sodexo (NYSE Euronext Paris FR
0000121220-OTC: SDXAY). Following recent discussions
with USPP debt holders, Sodexo has decided to exercise its right to
reimburse its USD 1.6bn outstanding debt to ensure independence of
action. The different USPP notes had been put in place between 2011
and 2018 to finance acquisitions in the US.
With liquidity1 of nearly 5 billion euro at the end of May,
including the recent 1.5 billion euro bond issue in April, the
Group has the resources to finance the reimbursement and maintain a
strong financial structure.
The Group intends to proceed with this reimbursement before year
end closing. As per the conditions of the USPP debt agreements, the
reimbursement includes a make-whole2 of approximately €149m. By
anticipating the reimbursement of this debt, future financial costs
will be reduced by €198m, of which €52m in 2021. The average
cost of debt going forward will fall to approximately 1.2%, versus
2.3% at the end of the 1st half Fiscal 2020.
As a result of this operation, Sodexo will have no covenants and
will retain full agility to navigate in these uncertain times.
Sodexo will continue to have an active policy of debt-financing
going forward.
About SodexoFounded in Marseille in 1966 by
Pierre Bellon, Sodexo is the global leader in services that improve
Quality of Life, an essential factor in individual and
organizational performance. Operating in 67 countries, Sodexo
serves 100 million consumers each day through its unique
combination of On-site Services, Benefits & Rewards Services
and Personal and Home Services. Sodexo provides clients an
integrated offering developed over more than 50 years of
experience: from foodservices, reception, maintenance and cleaning,
to facilities and equipment management; from services and programs
fostering employees’ engagement to solutions that simplify and
optimize their mobility and expenses management, to in-home
assistance, child care centers and concierge services. Sodexo’s
success and performance are founded on its independence, its
sustainable business model and its ability to continuously develop
and engage its 470,000 employees throughout the world.
Sodexo is included in the CAC Next 20, ESG 80, FTSE 4 Good and
DJSI indices.
Key figures (as of August 31, 2019)22.0
billion euro in consolidated
revenues470,000 employees19th
largest employer worldwide67 countries100
million consumers served daily8.6 billion
euro market capitalization (as of June 24,
2020) |
Contacts
Analysts and
Investors |
Media |
Virginia JEANSONTel: +33 1 57 75 80
56virginia.jeanson@sodexo.com |
Mathieu SCARAVETTITel: +33 6 28 62 21
91mathieu.scaravetti@sodexo.com |
1 Liquidity as of May 31, 2020 includes Cash (including
restricted cash) and unused credit facilities recently raised to 2
billion euro after the signing of additional bilateral on May 20,
2020.
2 Net present value of flows – nominal value.
- PR Sodexo USPP ENG June 25, 2020
Sodexo (EU:SW)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Sodexo (EU:SW)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024