Beter Bed Holding agreed new bank covenants and decreased outstanding bank debt with € 16.7 million
20 Dezembro 2019 - 3:00AM
Beter Bed Holding agreed new bank covenants and decreased
outstanding bank debt with € 16.7 million
As a result of the recent successful completion of the
divestment of Matratzen Concord for a purchase price of € 5.0
million, the equity issue to Magical Honour Limited for a total
amount of € 5.0 million, and the sale-and-leaseback transactions
for its logistic properties in Uden, Hoogeveen and Nieuw-Vennep for
a total cash consideration of € 19.1 million, Beter Bed Holding has
significantly reduced its net debt position over the last
months.
Following completion of the above-mentioned
transactions, Beter Bed Holding has made a repayment on its
outstanding bank debt of in total € 16.7 million. As a result,
total bank debt facilities after this repayment will be € 23.3
million (the "Total Senior Debt").
Additionally, Beter Bed Holding has agreed new
financial covenants with its financing banks. The amended agreement
with the banks includes the following financial covenants: (i)
Total Senior Debt to normalized EBITDA of 2.5x, (ii) a guarantor
cover percentage of 70%, and (iii) a clean down that permits that €
13.0 million is outstanding under the uncommitted facilities.
Testing of the financial covenants under (i) and (ii) will occur on
a quarterly basis and testing of the covenant under (iii) will
occur on a monthly basis. The first testing date will be on 31
December 2019. Beter Bed Holding expects to remain well within the
agreed financial covenants with an anticipated Total Senior Debt to
a normalized EBITDA ratio per 31 December 2019 of less than
1.5x.
Beter Bed Holding will initiate a process to
refinance the bank facilities as well as the € 7 million
shareholders’ loan as soon as practicable in order to refinance
Beter Bed Holding ultimately by the end of the current financing
agreements in July 2020.
John Kruijssen, CEO of Beter Bed
Holding, comments:“Following the previously communicated
milestones, we completed another milestone towards the turnaround
of Beter Bed Holding. The group is transforming into a more
flexible company that is a market leader in the Benelux. The
current financial deleveraging enables us to further accelerate
growth of the continuing operations.”
In April 2020 Beter Bed Holding will organise a
Capital Markets Day to present the further refined plans going
forward.
Profile Beter Bed Holding is a
European retail organisation that offers its customers the best
quality rest at affordable prices. The organisation’s aim is to do
this through its international retail brands, through its own
wholesaler operation DBC International and, at an increasingly
relevant share, through Digital channels.
For more information
John
Kruijssen Gabrielle
Reijnen
CEO
CFO +31 (0)413
338819
+31 (0)413
338819
+31 (0)6
13211011
john.kruijssen@beterbed.nl gabrielle.reijnen@beterbed.nl
Please click on the link below for the PDF of the press
release. Press photos can be downloaded here.
Beter Bed Holding NV (EU:BBED)
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