当前位置：新闻动态
CEVA Logistics starts refinancing of existing debt facilities
来源： 编辑：编辑部 发布：2018/07/13 08:55:29
CEVA Logistics has announced the proposed refinancing of the majority of its existing debt facilities in a bid to achieve lower interest rates, longer maturities and enhanced liquidity to pursue its strategy.
The third party logistics company proposes to offer US$400 million in aggregate principal amount of secured term loan B due 2025 (the "new loan") in a private offering. It also plans to enter into a new $600 million senior revolving credit and ancillary facility due 2023 (the "RCF") and has received commitments from its new banking group to this extent.
An additional offering of debt, including by way of senior secured notes, contemplated in Euro and in an amount of $350 million, might follow at a later stage.
The company expects to use the net proceeds from the refinancing, together with available cash, to fully repay its existing senior secured credit facilities, as well as for general corporate purposes.
It intends to repay all the outstanding $580 million aggregate principal amount of its term loans due 2021, to make a tender offer to repurchase for cash and/or redeem all of the outstanding $438 million aggregate principal amount of its nine per cent first lien senior secured notes due 2020 as well as to cancel certain local loans and overdrafts.
Any offering of notes will be offered and issued only (i) in the United States to persons who are "qualified institutional buyers" and (ii) outside the United States to persons who are not "US persons".
CEVA received rating upgrades from S&P Global Ratings and Moody's Investors Service in May following the deleveraging from the initial public offering (IPO) and improved operating performance. S&P's long-term issuer rating now stands at BB- with positive outlook, while Moody's has assigned a corporate rating of B1 stable.
The third party logistics company proposes to offer US$400 million in aggregate principal amount of secured term loan B due 2025 (the "new loan") in a private offering. It also plans to enter into a new $600 million senior revolving credit and ancillary facility due 2023 (the "RCF") and has received commitments from its new banking group to this extent.
An additional offering of debt, including by way of senior secured notes, contemplated in Euro and in an amount of $350 million, might follow at a later stage.
The company expects to use the net proceeds from the refinancing, together with available cash, to fully repay its existing senior secured credit facilities, as well as for general corporate purposes.
It intends to repay all the outstanding $580 million aggregate principal amount of its term loans due 2021, to make a tender offer to repurchase for cash and/or redeem all of the outstanding $438 million aggregate principal amount of its nine per cent first lien senior secured notes due 2020 as well as to cancel certain local loans and overdrafts.
Any offering of notes will be offered and issued only (i) in the United States to persons who are "qualified institutional buyers" and (ii) outside the United States to persons who are not "US persons".
CEVA received rating upgrades from S&P Global Ratings and Moody's Investors Service in May following the deleveraging from the initial public offering (IPO) and improved operating performance. S&P's long-term issuer rating now stands at BB- with positive outlook, while Moody's has assigned a corporate rating of B1 stable.