TIDMWPS

RNS Number : 2238A

Eurowag

22 September 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).

22 September 2022

EUROWAG

Eurowag to refinance existing debt

W.A.G payment solutions plc ("Eurowag" or the "Group"), a leading pan-European integrated payments & mobility platform focused on the commercial road transportation ("CRT") industry, is pleased to announce today that it has signed a Multicurrency Term and Revolving Facilities Agreement to refinance and expand the Group's existing credit facilities (the "Transaction"). Recognizing the resilient growth and strong financial results Eurowag has consistently delivered, the Transaction secures favourable terms on a strengthened debt package, extends maturities for all facilities, and expands the Group's club of financing banks.

The new Multicurrency Term and Revolving Facilities Agreement consists of four tranches:

(i) EUR150m committed Facility A for the refinancing of all existing term loan indebtedness;

   (ii)        EUR180m committed Facility B for permitted acquisitions and capital expenditure; 

(iii) EUR235m committed Revolving Credit Facility, of which EUR85m may be utilised by way of revolving loans, and EUR150m may be utilised by way of ancillary facilities in the form of bank guarantees, letters of credit, or an overdraft up to EUR25m; and

(iv) EUR150m uncommitted Incremental Facility for permitted acquisitions, capital expenditure, and revolving credit facilities up to EUR50m of which not more than EUR25m can be utilised as revolving loans.

The Transaction provides more flexibility with respect to certain financial covenants, security packages and other provisions than the Group's existing credit facilities.

The new maturity date for all term loan facilities and for the revolving credit facility will be 30 September 2027. Facility A will amortize in quarterly repayments starting on 31 March 2023, with EUR45m balloon. Facility B will amortize in quarterly repayments starting on the later of the date falling three months from the end of the 24-month availability period, or the end of the first financial quarter after the full utilization of the facility, with EUR54m balloon. Eurowag expects to complete the refinancing within three months from signing.

Magdalena Bartoś, Chief Financial Officer of Eurowag, commented:

"Maintaining capital discipline while pursuing strategic growth opportunities is a key priority for Eurowag. This refinancing gives us the scope and financial flexibility to deliver our growth strategy while retaining a strong balance sheet, and also optimises our capital structure and liquidity position. The possibility to add an ESG component highlights our commitment to sustainability. I would like to thank our existing and new banks for their support."

Komer ční banka a.s. acts as agent and security agent. Komerční banka, a.s. and Česká spořitelna, a.s. acted as coordinators, bookrunners and mandated lead arrangers. Československá obchodní banka, a. s., Česká exportní banka, a. s., UniCredit Bank Czech Republic and Slovakia, a.s., Citibank Europe plc, BNP Paribas S.A., Raiffeisenbank a.s. and PKO Bank Polski SA acted as mandated lead arrangers.

Eurowag has appointed Komerční banka, a.s. to act as ESG coordinator, and expects to link pricing of the new credit facilities to the Group 's ESG Key Performance Indicators ("KPIs") post-closing, supporting its sustainability strategy.

ENQUIRIES

Eurowag

Tomáš Novotný

Head of Investor Relations

investors@eurowag.com

Instinctif Partners

Tim McCall, Galyna Kulachek, Bryn Woodward

IR and international media

eurowag@instinctif.com

About Eurowag

Eurowag was founded in 1995 and is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. Eurowag's innovative solutions make life simpler for small and medium businesses in the Commercial Road Transportation industry across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and high-quality customer service. www.eurowag.com

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