|COLOMBES, France - Thursday, October 24th 2013 [ME NewsWire]|
(BUSINESS WIRE)-- 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 €190m and a €466m equivalent Term Loan B, split between €260m (denominated in €) and €206m equivalent (denominated in US$). Both bond and loan portions of the offering were significantly oversubscribed by investors. In addition, the Company entered into a €88m 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.”
About 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, health care card). Created in 1984, Oberthur Technologies employs over 6 000 employees. With 50 sales offices across 5 continents, Oberthur Technologies’ international network serves clients in 140 countries.
For more information: www.oberthur.com
Audrey Besnardeau, Tel: +33 1 78 14 76 75
FTI Consulting Strategic Communications
Yannick Duvergé, Tel: +33 1 47 03 68 65 / +33 6 74 91 48 05