SUPPLY chain management company CEVA Logistics announced it had completed its comprehensive refinancing, according to a statement from the company.
CEVA raised €300m of 5.25% senior secured notes due 2025, a US$475m secured term loan and a US$585m senior revolving credit due 2025, and ancillary facility due 2023.
The company redeemed all its previous credit facilities and notes, but for approximately $290 million principal amount of the 9% First Lien Senior Secured Notes which had not been tendered for early purchase in the cash tender offer and accordingly will be redeemed early September 2018.
Through its recent IPO and the refinancing, CEVA raised about US$1.2bn and about US$1.2bn in new debt facilities.
CEVA CFO Peter Waller said: “We are very pleased with the outcome of our refinancing and that we have successfully positioned the ‘new CEVA’ also in the debt capital markets”.
“Our stronger financial position will allow us to accelerate revenue growth with existing and new clients. By further improving EBITDA and through much lower interest cost, we can generate positive cash flows for the second half of 2018 and onwards.”
Regulatory hurdles were cleared last month for French shipping giant CMA CGM to acquire a 24.99% stake in CEVA. The deal was initiated when CEVA went public on SIX Swiss Exchange in early May.