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Vilmorin & Cie pursues the optimization and diversification of its financial resources by successfully completing two transactions
Jun. 18, 2019
Limagrain
FranceFollow
FranceIssue of a private “Schuldschein” placement of 250 million euros
Vilmorin & Cie has just successfully completed a private placement of the “Schuldschein” type (private placement subject to German law), for a total of 250 million euros. This placement comprises maturities at 5, 7 and 10 years, combining fixed and variable rates.
This operation, initially planned for 150 million euros, was largely oversubscribed and raised to 250 million euros, in order to meet the strong demand from investors.
Allocated to various investors, mainly European and Asian, it was finalized in highly favorable conditions.
The launch and arrangement of this placement were entrusted to BNP Paribas, HSBC and Société Générale.
Implementation of a new syndicated bank loan of 300 million euros
Prior to this issue, Vilmorin & Cie had finalized, at the end of May 2019, the refunding of its existing bank loan, due to mature in May 2021.
Structured as a revolving credit facility, of an initial total of 300 million euros, this loan matures after 5 years (due date May 2024) and also involves two extension options each for one year, and the possibility of requesting that the banks raise the total amount to 450 million euros.
Finalized in highly favorable market conditions, this new syndicated bank loan provides Vilmorin & Cie with greater financial flexibility.
The transaction was made in the form of a club deal, with a banking syndicate comprising eleven French and international relationship banks.
After the success of its “Schuldschein” issues made in 2013 and in 2017, and its public bond issue of 450 million euros – finalized in 2014 and completed with a “tap” in 2015 – Vilmorin & Cie is continuing its strategy of financial disintermediation, while anticipating its financial maturities.
These two operations contribute to the diversification and increased flexibility of Vilmorin & Cie’s financial resources, so that, in particular, it can prolong the average maturity of its debt.
They will also optimize its financial capacities, supporting the implementation of its development strategy, on both the vegetable seeds and field seeds markets.
Vilmorin & Cie’s advisor for these operations was Degroof Petercam Investment Banking.
Source: Limagrain
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