SMCP SA
06/30/2020
|
EBITDA Multiple
|
|||
---|---|---|---|---|
(EUR in Millions)
|
Amount
|
Maturity
|
Rate
|
Book
|
|
||||
Bank Overdraft Facility
|
54.7
|
|
|
|
€265M Unsecured Term Loan due 2024 1
|
265.0
|
May-2024
|
EURIBOR + 2.150%
|
|
€200M Unsecured Revolving Credit Facility due 2024
|
200.0
|
May-2024
|
EURIBOR + 1.750%
|
|
€40M Bridge Loan 2
|
40.0
|
|
EURIBOR + 2.000%
|
|
€200M NEU Commercial Paper Program
|
10.7
|
|
|
|
€140M State-Guaranteed PGE Loan 3
|
140.0
|
Jun-23-2020
|
|
|
Other Bank Debt
|
10.6
|
|
|
|
Total Unsecured Bank Debt
|
721.0
|
3.6x
|
||
IFRS 16 Lease Liabilities
|
492.5
|
|
|
|
Total Lease Liabilities
|
492.5
|
6.1x
|
||
€250M Secured Convertible Bond due 2021 4
|
250.0
|
Sep-21-2021
|
4.000%
|
|
Total HoldCo Secured Bond Debt
|
250.0
|
7.3x
|
||
Total Debt
|
1,463.5
|
7.3x
|
||
Less: Cash and Equivalents
|
(273.5)
|
|||
Net Debt
|
1,190.0
|
5.9x
|
||
Operating Metrics
|
||||
LTM Reported EBITDA
|
200.5
|
|||
|
||||
Liquidity
|
||||
RCF Commitments
|
200.0
|
|||
Less: Drawn
|
(200.0)
|
|||
Other Liquidity
|
4.2
|
|||
Plus: Cash and Equivalents
|
273.5
|
|||
Total Liquidity
|
277.7
|
|||
Credit Metrics
|
||||
Gross Leverage
|
7.3x
|
|||
Net Leverage
|
5.9x
|
|||
Notes: Capital structure is post IFRS-16. LTM EBITDA is the company's adjusted figure, as reported. HoldCo convertible bond excluded from SMCP SA reported financial debt. Other liquidity includes undrawn amounts under the bank overdraft facility. Cash and cash equivalents includes amounts utilized under the overdraft facility, which are included in total debt. 1. Interest rate not disclosed. Repayable in €55M installments in May 2021, May 2022, May 2023, with remaining payable on May, 9 2024. 2. Matures in Sept. 2020, with optional 6 month extension. Assumed unsecured. 3. Maturity one year from loan initiation, optional extension for up to 5 additional years. SMCP plans to use the PGE's 5lyear extension option so does not classify as long-term debt. 4. Secured convertible bond, issued by European TopSoho Sarl. Convertible at €22.299. Secured by Issuer's present and future rights, title and interest against the Custodian, by an agreement of security of all the Issuer's present and future rights, title and interest in and to the cash account and securities account. European TopSoho owned 53.7% of SMCP as of Dec. 31, 2019. The remaining value due from SMCP is primarily flowing to free float. As a result, leverage through this instrument is in fact higher. |
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