|[October 24, 2013]
Oberthur Technologies Successfully Refinances Debt to Accelerate its Development
COLOMBES, France --(Business Wire)--
Oberthur Technologies, one of the world's largest providers of security
and identification solutions and services based on smart card
technologies, today announced it has successfully refinanced its entire
The refinancing includes a bond issue of €190m and a €466m equivalent
Term Loan B, split between €260m (denominated in €) and €206m equivalent
(denominated in US$). Both bond and loan portions of the offering were
significantly oversubscribed by investors. In addition, the Company
entered into a €88m Revolving Credit Facility and retained a significant
As a result of this transaction, the profile of Oberthur Technologies'
indebtedness has significantly improved:
New term loans offer benefit of no maintenance covenants and a more
Reduced and flexible debt repayment obliations, giving Oberthur
Technologies more options in the usage of its free cash flow.
Successful placement of the company's first bond, at attractive terms,
diversifying the funding sources of the Group into the capital markets.
"I am very pleased by this successful refinancing, which marks a new
period of development for the company" declared Didier Lamouche, CEO
of Oberthur Technologies. "Our Group now benefits from improved
financial conditions, which will allow it to accelerate its development.
We are also pleased by the overwhelming support investors have shown in
the subscription phase, which we believe is a tribute to the quality of
our technologies, our employees and our client portfolio. It also
reflects our investors' confidence in Oberthur Technologies' capacity to
capture new market opportunities and growth."
About Oberthur Technologies
Oberthur Technologies is a world
leader in the field of secure technologies: systems development,
solutions and services for smart cards (payment cards, SIM cards, access
cards, NFC…) and for secure identity documents, traditional and
electronic (identity card, passport, health care card). Created in 1984,
Oberthur Technologies employs over 6 000 employees. With 50 sales
offices across 5 continents, Oberthur Technologies' international
network serves clients in 140 countries.
For more information: www.oberthur.com
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