Oriflame refinances Revolving Credit Facility
Oriflame Holding AG has signed a new Revolving Credit Facility amounting to €160m in total with HSBC Bank plc, London, Zurich Branch, and ING BELGIUM SA/NV acting as Bookrunner Mandated Lead Arrangers and BBVA, BGL BNP Paribas and UBS Switzerland AG acting as Mandated Lead Arrangers. The new five-year Facility (with two one-year extension options at the banks’ discretion) replaces the existing €110m Facility (signed in April 2015 and with maturity in 2020).
The Facility will be used for general corporate purposes, primarily to cover for quarterly cash flow fluctuations within the calendar year.
The Facility was coordinated by ING BELGIUM SA/NV with HSBC Bank plc acting as Facility Agent.
The new Facility is based on investment grade conditions and contains two financial covenants.
- Consolidated Net Debt to Consolidated EBITDA less than or equal to 3.0 times
- Consolidated EBITDA to Consolidated Finance costs greater than or equal to 4.0 times
“We are very pleased with the outcome of the refinancing, having engaged banks with presence in markets where we operate to support the vast geographic footprint of Oriflame that has transformed significantly over the past couple of years. We look forward to a good co-operation with the new banking group”, said Gabriel Bennet, CFO Oriflame Holding AG.
For additional information, please contact:
|Gabriel Bennet, Chief Financial Officer||+41 798 263 769|
|Nathalie Redmo, Sr. Manager Investor Relations||+41 799 220 173|
This information is information that Oriflame Holding AG is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:00 CET on September 8, 2017.
Founded in 1967, Oriflame is a beauty company selling direct in more than 60 countries. Its wide portfolio of Swedish, nature-inspired, innovative beauty products is marketed through approximately 3 million independent Oriflame Consultants, generating annual sales of around €1.2 billion. Respect for people and nature underlies Oriflame’s operating principles and is reflected in its social and environmental policies. Oriflame supports numerous charities worldwide and is a Co-founder of the World Childhood Foundation. Oriflame is a Swiss company group listed on the Nasdaq Stockholm Exchange. For more information about Oriflame, please visit www.oriflame.com.