Orpea
06/30/2022
|
EBITDA Multiple
|
|||||||
---|---|---|---|---|---|---|---|---|
(EUR in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||
Finance Leases 1
|
826.5
|
|
826.5
|
|
|
|
||
Mortgage Loans 2
|
1,271.5
|
|
1,271.5
|
|
|
|
||
Factoring Arrangements
|
128.0
|
|
128.0
|
|
|
|
||
€700M A1 Bank Loan due 2023 3
|
700.0
|
|
700.0
|
Dec-31-2023
|
EURIBOR + 4.000%
|
|
||
€600M A2 / A3 Bank Loans due 2025 3
|
600.0
|
|
600.0
|
Dec-31-2025
|
EURIBOR + 4.000%
|
|
||
€200M A4 Bank Loan due 2023 3
|
-
|
|
-
|
Jun-30-2023
|
EURIBOR + 3.500%
|
|
||
€230M B Bank Loan due 2025 4
|
155.0
|
|
155.0
|
Dec-31-2025
|
EURIBOR + 4.000%
|
|
||
€1.5B C1 / C2 Bank Loans due 2026 5
|
796.0
|
|
796.0
|
Dec-31-2026
|
EURIBOR + 5.000%
|
|
||
Total Senior Secured Debt
|
4,477.0
|
4,477.0
|
4.7x
|
4.7x
|
||||
€300M Revolving Credit Facility
|
-
|
|
-
|
|
|
|
||
Property Bridging Loans 6
|
308.0
|
|
308.0
|
|
|
|
||
Bilateral Unsecured Loans, German Schuldchein Contracts, Other Bonds 7
|
3,342.0
|
|
3,342.0
|
|
|
|
||
€400M Notes due 2025
|
400.0
|
|
400.0
|
Mar-10-2025
|
2.625%
|
|
||
€500M OCEANE Convertible Notes due 2027
|
500.0
|
|
500.0
|
May-17-2027
|
0.375%
|
|
||
€500M Sustainability-linked Notes due 2028
|
500.0
|
|
500.0
|
Apr-01-2028
|
2.000%
|
|
||
Total Senior Unsecured Debt
|
5,050.0
|
5,050.0
|
10.0x
|
10.0x
|
||||
IFRS 16 Leases 1
|
3,557.2
|
|
3,557.2
|
|
|
|
||
Total IFRS 16 Leases
|
3,557.2
|
3,557.2
|
13.7x
|
13.7x
|
||||
Total Debt
|
13,084.2
|
13,084.2
|
13.7x
|
13.7x
|
||||
Less: Cash and Equivalents
|
(854.0)
|
(854.0)
|
||||||
Net Debt
|
12,230.2
|
12,230.2
|
12.8x
|
12.8x
|
||||
Plus: Market Capitalization
|
537.7
|
537.7
|
||||||
Enterprise Value
|
12,767.9
|
12,767.9
|
13.4x
|
13.4x
|
||||
Operating Metrics
|
||||||||
LTM Revenue
|
4,523.6
|
|||||||
LTM Reported EBITDA
|
956.2
|
|||||||
LTM Reported EBITDAR
|
982.0
|
|||||||
|
||||||||
Liquidity
|
||||||||
RCF Commitments
|
300.0
|
|||||||
Other Liquidity
|
275.0
|
|||||||
Plus: Cash and Equivalents
|
854.0
|
|||||||
Total Liquidity
|
1,429.0
|
|||||||
Credit Metrics
|
||||||||
Gross Leverage
|
13.7x
|
|||||||
Net Leverage
|
12.8x
|
|||||||
Notes: The capital structure is post-IFRS 16 and leverage ratios use LTM reported EBITDA as of June 30 as denominator. Market cap is as of Oct. 27 2022. Other liquidity includes the undrawn amounts under the A4 and B bank loans as of Sep. 30, 2022. 1. Assumed equal to June 30. 2. The group regularly subscribes to mortgage loans, which generally mature in 12 years and with an LTV of 70%. Reorg calculates this by subtracting all the identified senior secured debt tranches from the €4,477 million secured debt as of Sep. 30 reported by Orpea on Oct. 26 release. 3. To finance general corporate purposes (including, without limitation, debt service and capital expenditure). First rank pledges relating to 100% of the shares of CEECSH and 100% of the shares of ORESC 25 S.à.r.l. 4. To be drawn at the end of each month until Dec. 31, 2022 to refinance the core banking group contractual bilateral debt (hence excluding any bond financing and Schuldchein) in the second half of 2022. First rank pledges relating to 100% of the shares of CEECSH and 100% of the shares of ORESC 25 S.à.r.l. 5. To refinance any of Orpea's existing unsecured financing (excluding any bond financing and Schuldchein). The €704 million rest of the envelop could be proposed to bilateral unsecured creditors outside the core banking group excluding Euro PP and Schuldschein. Security equivalent to A loans for the C1 loan, but second ranking pledge for C2 loan. It is not disclosed whether the €796 million loan drawn as of Sep. 27 is the C1 loan or C2. 6. Property bridging loans reflect bank loans allocated specifically to finance operating properties recently acquired or under construction. Reorg calculates this by subtracting all the identified senior unsecured debt tranches from the €5,050 million unsecured debt as of Sep. 30 reported by Orpea on Oct. 26 release. 7. Debt subject R1/R2 covenants as of Sep. 30 reported by Orpea on Oct. 26 release. Pro Forma: The capital structure is pro forma the drawing of A1, A2/A3, B and C loans as of Sep. 27 and the gross debt and cash figures as of Sep. 30 reported by Orpea in the Oct. 26 press release. |
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