REG - Eurowag - Eurowag to refinance existing debt

WAG Payment SolutionsAnnouncement

22/09/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220922:nRSV2238Aa&default-theme=true

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)         €150m committed Facility A for the refinancing of all
existing term loan indebtedness;

(ii)        €180m committed Facility B for permitted acquisitions and
capital expenditure;

(iii)        €235m committed Revolving Credit Facility, of which €85m
may be utilised by way of revolving loans, and €150m may be utilised by way
of ancillary facilities in the form of bank guarantees, letters of credit, or
an overdraft up to €25m; and

(iv)      €150m uncommitted Incremental Facility for permitted
acquisitions, capital expenditure, and revolving credit facilities up to
€50m of which not more than €25m 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 €45m 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 €54m 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."

 

Komerční 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 (http://www.eurowag.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRUAAKRUOUKUAR