Oberthur Technologies, one of the world's largest providers of security and identification solutions and services based on smart card technologies, today announced it has successfully refinanced its entire capital structure.
The refinancing includes a bond issue of EUR190 million and a EUR466 million equivalent Term Loan B, split between EUR260 million (denominated in EUR) and EUR206 million equivalent (denominated in US$). Both bond and loan portions of the offering were significantly oversubscribed by investors. In addition, the company entered into a EUR88 million revolving credit facility and retained a significant cash balance.
As a result of this transaction, the profile of Oberthur Technologies' indebtedness has significantly improved:
* New term loans offer benefit of no maintenance covenants and a more flexible documentation.
* Reduced and flexible debt repayment obligations, giving Oberthur Technologies more options in the usage of its free cash flow.
* Successful placement of the company's first bond, at attractive terms, diversifying the funding sources of the Group into the capital markets.
"I am very pleased by this successful refinancing, which marks a new period of development for the company," declared Didier Lamouche, CEO of Oberthur Technologies. "Our Group now benefits from improved financial conditions, which will allow it to accelerate its development. We are also pleased by the overwhelming support investors have shown in the subscription phase, which we believe is a tribute to the quality of our technologies, our employees and our client portfolio. It also reflects our investors' confidence in Oberthur Technologies' capacity to capture new market opportunities and growth."
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Oberthur Technologies
Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC...) and for secure identity documents, traditional and electronic (identity card, passport, healthcare card). Created in 1984, Oberthur Technologies employs more than 6 000 employees. With 50 sales offices across five continents, Oberthur Technologies' international network serves clients in 140 countries.
For more information: www.oberthur.com.
View this news release online at: http://www.businesswire.com/news/home/20131024005544/en
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FTI Consulting Strategic Communications
Yannick Duverg'e
(+33) 14 703 6865 / (+33) 67 491 4805
yannick.duverge@fticonsulting.com