Brief: Greenyard launches offering convertible bond for amount up to 125 mln euros
08/12/2016 07:16
Dec 8 (Reuters) - Greenyard NV GREENY.BR :
* Greenyard launches offering of a convertible bond for an amount of up to 125 million euros
($134.6 million)
* Convertible bonds will be issued at 100 pct of their principal amount and are expected to
have a coupon range between 3.5 pct and 4 pct per annum
* Refinancing is anticipated to allow greenyard to lower its average annual interest cost by
at least 15 million euros
* One-Off financial cost of approx. 18 million euros (consisting in large part of early
redemption premium of 3.938 pct of principal amount of senior secured notes, and fees for
external advisers), implying a payback of only 1.2 years
* Proceeds of convertible bond offering and new credit facilities will be used to refinance
following current external debt of group
* Will also allow to extend average maturity of its financing instruments to 4.4 years and
to provide increased balance sheet flexibility to fund future growth
* Offering of convertible bonds is part of a wider refinancing exercise, which also consists
of a 150 million euro term loan facility and a 225 million euro multicurrency revolving facility
Source text for Eikon: ID:nNDL8SLqsG
Further company coverage: GREENY.BR
($1 = 0.9289 euros)
(Gdynia Newsroom)
((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))