Financing resources reinforced through a new syndicated loan - Medium-term financing secured and debt maturity extended

25 Jul 2024 18:00 CEST

Caissargues, July 25, 2024

Groupe Bastide announced today that it has set up a new financing contract for €375 million, including a syndicated loan and a revolving credit facility, as part of its proactive debt management strategy.

The new loan replaces both the €270.5 million syndicated loan set up in November 2021 (maturing in November 2026) and a €38.8 million bilateral loan.

The new syndicated loan comprises a first tranche of €35 million, repayable over 5 years from July 2025, a second 5-year tranche of €215 million payable on maturity in July 2029 and a third 6?year tranche of €75 million payable on maturity in July 2030. This new financing contract also grants a five-year €50 million revolving credit facility to help finance the Group's investments and growth.

All of the above financing is subject to compliance with a leverage ratio, calculated post IFRS 16, of 4.5 at December 31, 2024, 4.25 from December 31, 2025, and 4.00 from June 30, 2027. The cost of debt will be around 140 basis points higher than under the previous loan. As the leverage ratio declines over time, the average cost will fall, and may also be reduced or increased by 10 basis points depending on compliance with three CSR indicators defined in Groupe Bastide's ESG strategy concerning patient satisfaction rate, employee satisfaction rate, and quantity of recycled medical equipment used.

Natixis, Société Générale and BNP were appointed lead managers by Groupe Bastide. This financing, which extends the Group's average debt maturity, is being provided by a pool of 10 banks and three institutional investors[1]. Global subscription intentions far exceeded the Group's solicitations, reflecting confidence in the Bastide Group's prospects and its ability to generate sustainable cash flow.

This financing was secured without the need to sell assets. However, the Group confirms its intention to accelerate debt reduction in the short term through selective asset sales, with the proceeds primarily allocated to reducing the first tranche of debt

[1] Banks: Groupe BPCE (Natixis, BP Sud, Caisse d'Epargne LR, Palatine), SG, BNP, Crédit Agricole Languedoc, CIC, LCL, HSBC / Institutionnal investors: Allianz GI, Tikehau, LBP AM

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2023-2024 revenue on Thursday, August 29, 2024 after the close of trading.

About Groupe Bastide Le Confort Médical

Created in 1977 by Guy Bastide, Groupe Bastide is a leading European provider of home healthcare services. Present in 8 countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet patients' needs in key health areas: diabetes, nutrition, infusion, respiratory care, stomatherapy and urology. Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, - Bloomberg BLC: FP).

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