Successful refinancing of Banijay's Term Loans B due March 2025

FL Entertainment today announces that Banijay has successfully completed the refinancing of its two Term Loan B (TLB) credit facilities in Euros and in US Dollars for an amount equivalent to 875m (including a 453m tranche and US$460m tranche), resulting in a 3-year extension of their maturities until March 2028.

The transaction was over-subscribed by 2 times and placed with high-quality institutional lenders.

Against this backdrop, Banijay raised new TLB financing in Euros and in US Dollars to strengthen its balance sheet and finance its future growth for a total amount equivalent to 200m, which splits into 102m and $110m respectively.

The Term Loans B will carry a floating interest at EURIBOR 450 bps for the Euro-denominated tranche, and at SOFR 375 bps for the US Dollar-denominated tranche, both of which will benefit from the existing hedges until March 2025. The additional amounts and the extended maturities will also be hedged against floating interest rate risks.

In total, Banijay has refinanced and raised an amount close to 1,100m.

In parallel, Banijay extended the maturity of its 170m RCF by 3 years to September 2027 at EURIBOR 3.75%1.

Sophie Kurinckx, Group CFO of FL Entertainment, commented:

I am very pleased to see that our proactive approach addressing Banijay's upcoming 2025 maturities resulted in the success of our debt refinancing, as well as the issuance of new debt, which further strengthens our financial flexibility. The support we received from high-quality institutional lenders is a demonstration of confidence in Banijay's strategy as well as our Group's ability to continue to generate positive cash flow in the future.

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1 Euribor 3.75% for base currency and SOFR 4.00% USD/GBP additional facility margin

LINK:	https://www.banijay.com/blog/2023/04/06/successful-refinancing-of-bani...
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