Continued implementation of the refinancing plan announced on 14 November 2023, with the finalization of the second real-estate partnership and the setting up of a real-estate term loan bridge
Paris, 28th December 2023 - Clariane (CLARIA.PA - ISIN FR0010386334), today announced the finalization of the second real estate partnership with Crédit Agricole Assurances, for a total amount of 90 million euros. At the same time, Clariane has set up a €200 million real-estate term loan bridge.
These two transactions are part of the refinancing plan announced on 14 November.
• Finalization of the second real-estate partnership involving 11 UK properties with a gross value of around €227 million, excluding transfer duties.
Crédit Agricole Assurances has subscribed for €90 million in bonds (ORA) issued by the Group's real-estate subsidiary grouping these assets and redeemable in shares of the subsidiary, with a 5-year maturity and a fixed coupon of 8.0%.
• At the same time, Clariane signed a €200 million term loan bridge with Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France (CADIF), LCL and Crédit Agricole Corporate and Investment Bank (CACIB).
The main features of this loan are :
o A deadline of 31 January 2025 ;
o A Euribor interest rate, with a margin of 4%, then 5% from the 7th month, and finally 6.5% from the 10th month.
This bridge loan may become repayable in advance if the capital increase of 300 million euros (cash subscription amount) planned in the refinancing plan is abandoned, unless the Company implements an alternative project enabling it to raise equity or quasi-equity financing or financing of a similar nature for a minimum equivalent amount.
Sophie Boissard, Chief Executive Officer of the Clariane Group, said:
"With the finalization of this second real-estate partnership and the implementation of this bridge loan, we have now deployed all the short-term measures in the refinancing plan presented on 14 November. We are now focusing on the execution of the second part of this plan in order to strengthen the financial structure of the Group, with the objective of achieving a leverage ratio significantly below 3x by the end of 2025.”
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A prospectus relating to the capital increase will be submitted by Clariane S.E. to the Autorité des marchés financiers for approval before the effective launch of the capital increase.
All forward-looking statements included in this document speak only as of the date of this press release. Clariane S.E. undertakes no obligation and assumes no responsibility to update the information contained herein beyond what is required by applicable regulations.
