Capital/Financing Update • Nov 10, 2014
Capital/Financing Update
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Nanterre (France), November 10, 2014
Faurecia announces today the first step of its refinancing plan with the renewal of its syndicated facility.
The Group will proceed to an early refinancing of its €1,150 million syndicated credit facility set up in December 2011 and maturing in December 2016, in order to extend its debt maturity profile. The current facility was not drawn as of June 30, 2014.
The new five-year syndicated credit facility in the amount of €1,200 million, will be established by a group of ten banks mandated by Faurecia: BNP Paribas, Commerzbank AG, Crédit Mutuel-CIC, Crédit Agricole Corporate & Investment Bank, HSBC France, Natixis, and Société Générale Corporate & Investment Banking, as bookrunners; The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Citigroup Global Markets Limited, as mandated lead arrangers; and Santander, as arranger. On November 7, 2014, these ten banks entered into an agreement in principle for an amount of €1,200 million.
The new credit facility, which has been fully subscribed (subject to definitive documentation and customary closing conditions), will subsequently be syndicated. It will take the form of a revolving credit line composed of one single tranche, maturing in December 2019.
Its use will be limited, as in the case of the existing syndicated credit facility, by certain restrictive covenants, in particular concerning a consolidated financial ratio of net debt / EBITDA less than 2.5x.
Once the new syndicated credit facility is finalized, Faurecia will repay the remaining outstanding amounts under its existing credit facilities, if drawn at that time.
Fitch Ratings today assigned a BB-, Outlook Stable, Long-Term Issuer Default Rating to Faurecia, and commented "The rating reflects Faurecia's solid business profile, which Fitch Ratings deems strongly positioned in the BB category".
Faurecia is one of the world's leading automotive equipment suppliers with four activities: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2013, the Group posted sales of 18 billion euros. At December 31, 2013, Faurecia employed 97,500 people in 34 countries at 320 sites, including 30 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange and trades in the U.S. over-the-counter (OTC) market. For more information, visit: www.faurecia.com
Faurecia contacts Media Olivier Le Friec Head of Media Relations Tel: +33 1 72 36 72 58 Cell: +33 6 76 87 30 17 [email protected] Analysts/Investors Eric-Alain Michelis Director of Financial Communications Tel.: +33 1 72 36 75 70 Cell: +33 6 64 64 61 29 [email protected]
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