(AOF) – Claranova signed, on Monday April 1, 2024, new financing in the form of a loan in the amount of 108 million euros, subscribed to Cheyne Capital Management and Heights Capital Management. This new financing allows it to refinance all of its OCEANEs, strengthen its balance sheet and extend the maturity of its debt by four years. The new financing is subscribed by the group’s subsidiary, Claranova Development SARL, and has a maturity of 4 years with repayment in fine on April 4, 2028.
Interest is payable quarterly at the rate of 6.5% per annum to which is added the 3-month Euribor reference rate.
Furthermore, this financing includes quarterly capitalization of additional interest, ultimately repayable at the maturity of the loan, at the rate of 3.75% per year. With, in the hands of Claranova, the possibility, at each due date, of paying this interest in cash at the rate of 3.25% per year.
In addition to the refinancing of the OCEANE debt, Claranova will allocate the net proceeds of this new financing to the prepayment of the final part (Tranche B) of the existing debt of the SaarLB banking pool, as well as to the payment of the costs linked to the transaction.
Before the operation, the existing debt of the SaarLB banking pool, classified as loans, amounts to 17.5 million with a maturity of July 1, 2028. It is made up of an A tranche for 12.5 million amortizable and a tranche B of 5 million repayable in fine.
The group will reimburse tranche B in its entirety and also refinance the amortizable part of the bank debt of the SaarLB Pool for an amount of 12.5 million euros. This debt will be refinanced at the level of Claranova Development SARL, over a period of 4.5 years maturing on July 1, 2028, at the 6-month Euribor rate plus 3.50% margin.
The remaining cash will be used for Claranova’s current needs.
These two refinancings include the usual cases of early repayment, which could lead, in the event of non-compliance, to early repayment of the loans.
Among these cases of early repayment, the company undertakes to respect a series of financial ratios tested quarterly including a net debt ratio (evolving with a ratio of 3.6 as of June 30, 2024, 3.5 as of September 30, 2024, 2.5 from December 31, 24 to September 30, 25 and 2.25 until the maturity of the loan), a financial interest coverage ratio (greater than 2) and a minimum cash level of 10 million euros .
Non-compliance with financial covenants would result in the occurrence of an event of early repayment and, where applicable, early repayment of the loans.
Finally, the company confirms its commitment to repay future installments using its cash, including in particular the reimbursement of Euro PP holders during the 2023-2024 financial year.
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