The Group successfully completes its refinancing and strengthens its financial structure
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- EUR 130 million in debt refinancing
- Additional available credit line of 60 million euros
- Highly diversified pool of banks, including European and American banks
- One of the few EuroPP transactions of the year
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SES-imagotag[1] is pleased to announce the refinancing of its debt through:
- the implementation, with a large international banking syndicate, of bank financing for a total amount of EUR 150 million, consisting of (i) a EUR 90 million amortizable term loan, intended in particular to refinance the bridge loan draw down for the acquisition of In The Memory and Belive, and (ii) a EUR 60 million revolving credit facility (RCF), allocated to finance the Group's general corporate purposes, and
- The issuance of a Euro PP private placement bond of EUR 40 million, due 2030, used to refinance the existing EUR 40 million euro bond issue, maturing at the end of December 2023.
In support of the Group's ambitious sustainable development strategy, the terms of these new loans include criteria related to the Group's ESG performance. The Group will thus benefit from a margin adjustment based on achieving its objectives related to three key performance indicators:
- the reduction of absolute GHG emissions scope 1 & 2, and the reduction of scope 3 GHG emission intensity of the value added;
- the number of electronic shelf labels refurbished by the Group;
- the percentage of female managers, in line with SES-imagotag's target of parity in leadership.
These operations strengthen the Group's financial structure by providing it with the resources to consolidate the financing of its VUSION'27 strategic plan, while extending the maturity of its debt.
BNP Paribas and Natixis CIB acted as Mandated Lead Arrangers and Bookrunners. The pool of banks includes Arkéa Banque Entreprises et Institutionnels, Banque CIC Nord Ouest, BBVA S.A. Paris Branch, BNP Paribas, Caisse d'Epargne et de Prévoyance Ile-de-France, Crédit Lyonnais, Erste Group Bank A.G., J.P. Morgan SE, Natixis CIB and Société Générale. Natixis CIB also acted as Documentation Agent, ESG Coordinator and Facility Agent.
In connection with the bond issue, Natixis CIB acted as Placement Agent and ESG Coordinator.
The Group is delighted to have earned the trust of new tier one banking partners, and to be one of the few issuers to have succeeded in issuing a new EuroPP in 2023.
About SES-imagotag and the VUSION Retail IoT platform
SES-imagotag is a world leader in smart digital labels and IoT solutions for physical retail, serving over 350 large retailer groups around the world in Europe, Asia and North America. SES-imagotag has developed the VUSION Retail IOT technology platform to help retailers transform their physical stores into high value digital assets, more automated, data-driven, and connected in real-time to suppliers and consumers. VUSION improves the agility, precision and accuracy of prices, whilst ensuring the omnichannel synchronization of prices, product information and marketing campaigns. The platform developed by SES-imagotag also optimizes in-store order preparation and restocking.
VUSION improves employee satisfaction by freeing up time from cumbersome low value-added tasks and allowing them to focus on customer service and merchandizing tasks. VUSION connects shelves to the Cloud, providing real-time accurate information on product availability and location, allowing for reduced inventory, out-of-stock, and waste, as well as improved on-shelf availability and merchandizing compliance. VUSION empowers consumers with better product, nutritional and traceability information at the shelf and enables a frictionless in-store shopping experience with features such as product search, pathfinding and cashier-less scan & pay features.
SES-imagotag supports the United Nations' Global Compact initiative and has received in 2022 the Platinum Sustainability Rating from EcoVadis, the world's reference of business sustainability ratings.
SES-imagotag is listed in compartment A of the Euronext Paris exchange and is included in the SBF 120 index.
Ticker symbol: SESL - ISIN code: FR0010282822 - Reuters: SESL.PA - Bloomberg: SES
www.ses-imagotag.com
[1] Whose corporate name will become VusionGroup in January 2024.
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https://www.actusnews.com/documents_communiques/ACTUS-0-83438-ses-imagotag_refinancing_pr_2023_final.pdf
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