- Extension to 2026 of €505m unsecured syndicated term loan
facility
- Issuance of new sustainability-linked €40 million private
placement
- Continued roll-out of real estate debt refinancing, with
€150m contracted since the beginning of the year
Regulatory News:
Term loan extension to 2026
Clariane (Paris:CLARI) announces today the signature of the
extension to May 2026 of its term loan for an amount of €505
million, slightly above initial amount, in line with the maturity
of the existing Group Revolving Credit Facility (RCF) of
€492.5m.
All existing banks remain part of the extended term loan, and
two new banks have joined the syndicate. Some Schuldschein lenders
have transferred their positions into the extended term loan.
This amended facility includes an accordion feature, which
allows Clariane to increase its size up to €800m in total, enabling
further Schuldschein holders or new banks to join the extended term
loan.
The new term loan grid has an average margin of 285bps, 145bps
above the existing term loan contracted in 2019.
In line with its financial strategy, the Group is committed to
deleverage its balance sheet, which is reflected in the amended
documentation, notably:
- The existing financial leverage covenant will gradually
decrease from 4.5x until June 2024 towards 3.75x from December 2025
onwards.
- A 65% Loan to Value1 covenant has been implemented.
New €40 million bond issuance
In addition to this operation, Clariane has issued a privately
placed €40m sustainability linked bonds with Eiffel Investment
Group focused on the key drivers for the sector, notably the
quality of care and the well-being of the staff.
This financing is aligned with the purpose driven company
ambition and roadmap of the Group and includes ambitious and
innovative ESG commitments. A highly incentivising structure
depending on the achievement of its extra financial objectives has
been implemented with an adjustment, downward and upward, of the
interest rate.
This transaction illustrates Clariane’s commitment to its ESG
strategy and the full integration of these targets into its
operations and financing strategy, in line with the Group's purpose
and ambition to lead the sector in corporate social responsibility
policy.
Real estate financing update
Clariane continues the roll out its real estate debt according
to plan and has contracted an amount of €150m since the beginning
of the year. These new loans have on average included an increase
in the credit spread of 30 to 50bps since 2022.
As stated on 23 June 2023, Clariane has also raised €120m in
equity from a group of investors composed of Amundi Immobilier,
Covéa, Crédit Agricole Assurances and Malakoff Humanis, through
their investment into a real estate vehicle holding a pan-European
portfolio of 46 assets, valued c.€ 500 million according to the
latest expertise.
Philippe Garin, Chief Financial Officer of Clariane,
stated: “These new financing facilities demonstrate the
confidence that main banks and financial institutions have in
Clariane’s financial profile and strategy, and in its commitment as
a purpose-driven company to tackling environmental, social and
governance (ESG) issues.”
About Clariane
Clariane is the leading European community for care in times of
vulnerability. It has operations in seven countries: Belgium,
France, Germany, Italy, the Netherlands, Spain and the United
Kingdom.
Relying on their diverse expertise, each year, the Group’s
67,000 professionals provide services to over 800,000 patients and
residents in three main areas of activity: long-term care nursing
home (Korian, Seniors Residencias, Berkley, etc.), healthcare
facilities and services (Inicea, Ita, Grupo 5, Lebenswert, etc.),
and alternative living solutions (Petits-fils, Les essentiels, Ages
et Vie, etc.).
In June 2023, Clariane became a purpose-driven company and added
to its bylaws a new corporate purpose, common to all its
activities: “To take care of each person’s humanity in times of
vulnerability”.
Clariane has been listed on Euronext Paris Section A since
November 2006 and is included in the following indices: SBF 120,
CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global
Small Cap
Euronext ticker: CLARI - ISIN: FR0010386334
1 Ratio of real estate debt to value of the real estate
assets
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version on businesswire.com: https://www.businesswire.com/news/home/20230725041308/en/
Investor relations
Sarah Mingham Deputy Chief Financial Officer +33 1 55 37 53 55
sarah.mingham@clariane.com
Stéphane Bisseuil Head of investor relations +33 6 86 08 64 13
stephane.bisseuil@clariane.com
Charles Rungeard Investor relations manager +33 6 86 75 29 51
charles.rungeard@clariane.com
Press contacts Matthieu Desplats Press relations Director
+33 6 58 09 01 61 Matthieu.desplats@clariane.com Julie Mary Press
relations manager +33 6 59 72 50 69 julie.mary@clariane.com Florian
Bachelet Press relations manager +33 6 79 86 78 23
florian.bachelet@clariane.com
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