Paris, 14 June 2018 - 5:45pm
COFACE SA announces €300m syndicated loan agreement for its Polish subsidiary Coface Poland Factoring
As part of the refinancing of its factoring activity, Coface Poland Factoring signed an agreement with a group of banking partners for a €300m syndicated multicurrency loan (EUR, PLN) on 8 June 2018. This syndicated loan partly replaces existing bilateral credit lines.
The Group's Polish subsidiary is supported by seven banking partners: Crédit Agricole CIB, HSBC, ING Bank Slaski and Natixis, acting as Mandated Lead Arrangers and Bookrunners, Banco Santander, Commerzbank and Société Générale CIB, acting as Mandated Lead Arrangers. Natixis is acting as Documentation Agent and Crédit Agricole CIB as Facility Agent.
The loan is put in place for two years, with an option to extend its duration by one year, exercisable once, subject to the banks' agreement.
This operation enables the Group to increase its financial flexibility and to extend the maturity of its refinancing debt, whilst benefiting from current favorable market conditions and strengthening its relationships with its leading banks, who thus confirm their commitment to Coface over the mid-term.
Carine Pichon, Chief Financial & Risk Officer, commented:
« We are pleased to implement a syndicated loan agreement for our Polish subsidiary, which allow us to support its profitable growth. By simplifying its structure and prolonging the average maturity of our debt, this loan agreement is fully aligned with the financial objectives of our strategic plan, Fit to Win . »
| CONTACTS | |
| MEDIA RELATIONS Monica COULL T. +33 (0)1 49 02 25 01 monica,coull@coface,com Maria KRELLENSTEIN T. +33 (0)1 49 02 16 29 maria,krellenstein@coface,com | ANALYSTS / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 thomas,jacquet@coface,com Ana Cecilia URIBE ARCE DE BREANT T. +33 (0)1 49 02 22 40 anacecilia.uribearce@coface,com |
FINANCIAL CALENDAR 2018 (subject to change) H1-2018 results: 26 July 2018, before market opening 9M-2018 results: 24 October 2018, after market close
FINANCIAL INFORMATION This press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM) please refer to our Interim Financial Report for S1-2017 and our 2017 Registration Document.
Coface: for trade - Building business together 70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy. With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface's experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group's services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2017, Coface employed ~4,100 people and registered turnover of €1.4 billion.
COFACE SA is quoted in Compartment A of Euronext Paris Code ISIN : FR0010667147 / Mnémonique : COFA
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 "Main risk factors and their management within the Group" of the Coface Group's 2017 Registration Document filed with AMF on 5 April 2018 under the number No. D.18-0267 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance .
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