Cegedim: New €230 million financing arrangement

31 Jul 2024 17:45 CEST

Financial information
IFRS - Regulated information

Cegedim: New €230 million financing arrangement

• €180 million refinancing loan
• €50 million revolving credit facility

Boulogne-Billancourt, France, July 31, 2024, after the market close

Cegedim has secured a new financing arrangement consisting of a €230 million syndicated loan. The arrangement is split into €180 million of lines drawn upon closing to refinance the Group’s existing debt (RCF and Euro PP, which mature in October 2024 and October 2025 respectively) and an additional revolving credit facility (RCF) of €50 million. This new financing arrangement will bolster the Group’s liquidity and extend the maturity of its debt.

The syndicated loan, arranged by LCL (lead) and Crédit Agricole Ile-de-France, consists of a 5-year, €30 million Tranche A repayable in €3 million increments every six months; a 6-year, €60 million Tranche B repayable upon maturity; and a 7-year, €90 million Tranche C repayable upon maturity. With an additional 5-year, €50 million RCF with an optional 1-year extension, undrawn at the closing, all the Group’s financing needs are covered.

Like its previous borrowings, the new syndicated loan is governed by the standard commitment and default clauses customarily included in this type of agreement and subject to financial ratio covenants: The Group must ensure that its leverage ratio is less than 2.50 and its interest cover ratio is greater than 4.50.

To secure this financing, the Group has fully pledged its shares in its subsidiaries Cegedim Media, Cegedim Activ, and GERS, and partially pledged those of cegedim.cloud. The Group undertakes not to sell its shares in Cegedim Santé, Resip, or Cetip without the consent of its lenders.

Cegedim was advised by ODDO BHF (financial) and the firm of Norton Rose Fulbright (legal).

Attachment

• Cegedim_NewFinancingArrangement 20240731_EN