October 29, 2012

Neopost continues its refinancing with two new private placements as part of a Schuldschein

 

  • Funds raised through these two new private placements: $50 million and €50 million
  • Total private placements completed since June 2012: $270m and €217m

Paris, 29 October 2012
Neopost, the European leader and number two world-wide supplier of mailing solutions, today announces that it has raised a further $50 million and €50 million under a Schuldschein German-law private placement programme. The funds were borrowed for a term of 4 years from French and Asian investors.

Neopost is therefore pursuing the refinancing of its private placement with Crédit Agricole which is due to mature in December 2012 (€133 million), along with its syndicated revolving multi-currency credit facility maturing in June 2013 (€675 million).

In August and September 2012, Neopost already raised $45 million and €17 million through Schuldschein placements, so the new placements take total funds raised through Schuldschein issues to $95 million and €67 million.

In June 2012, Neopost issued $175 million through a private placement with various insurance companies in the USA with maturities of between 4 and 10 years, and in September raised €150 million from several French insurance companies including AXA, with a 5-year term.

Jean-François Labadie, Neopost's Chief Financial Officer, made the following comments: "With these new transactions, we have made major progress with our refinancing programme. We are further diversifying our sources of financing across various categories of investors, and the terms obtained confirm Neopost's credit quality, which is equivalent to "investment grade"."

The Group's net debt, which totalled €765 million at 31 July 2012, is allocated to financing the equipment used by its customers, and is more than covered by future cash flows from the leasing and rental businesses.

Calendar
Third-quarter sales will be published on 3 December 2012 after the market close.