Viridien Announces the Successful Pricing of its $450 Million and €475 Million Senior Secured Notes Offering
Viridien S.A. has successfully priced a dual-currency senior secured notes offering, comprising US$450 million at 10% due September 2030 and €475 million at 8.5% due 2030. The notes, to be issued on March 25, 2025, will be guaranteed by certain subsidiaries and accompanied by a new US$125 million super senior Revolving Credit Facility.
The proceeds will be used to redeem existing senior secured notes due 2027 worth US$447 million and €579 million. All three credit rating agencies have taken positive rating actions, with Moody's, S&P, and Fitch upgrading their ratings to B2, B, and BB- respectively.
This refinancing represents a key milestone in Viridien's financial strategy, following $60 million in bond buybacks in 2024. The company aims to maintain liquidity through the increased RCF, a cash balance of around US$100 million, and extended debt maturity profile while continuing to deleverage its capital structure through excess cashflows.
Viridien S.A. ha completato con successo l'emissione di note senior garantite in doppia valuta, comprendenti 450 milioni di dollari USA al 10% con scadenza a settembre 2030 e 475 milioni di euro all'8,5% con scadenza nel 2030. Le note, che saranno emesse il 25 marzo 2025, saranno garantite da alcune filiali e accompagnate da una nuova linea di credito revolving super senior di 125 milioni di dollari USA.
I proventi saranno utilizzati per rimborsare note senior garantite esistenti in scadenza nel 2027 per un valore di 447 milioni di dollari USA e 579 milioni di euro. Tutte e tre le agenzie di rating hanno preso misure positive, con Moody's, S&P e Fitch che hanno aggiornato i loro rating a B2, B e BB- rispettivamente.
Questo rifinanziamento rappresenta una tappa fondamentale nella strategia finanziaria di Viridien, dopo 60 milioni di dollari USA di riacquisti di obbligazioni nel 2024. L'azienda mira a mantenere la liquidità attraverso l'aumento della RCF, un saldo di cassa di circa 100 milioni di dollari USA e un profilo di scadenza del debito esteso, continuando a ridurre la leva della sua struttura di capitale attraverso flussi di cassa in eccesso.
Viridien S.A. ha llevado a cabo con éxito una oferta de notas senior garantizadas en doble moneda, que comprende 450 millones de dólares estadounidenses al 10% con vencimiento en septiembre de 2030 y 475 millones de euros al 8,5% con vencimiento en 2030. Las notas, que se emitirán el 25 de marzo de 2025, estarán garantizadas por ciertas subsidiarias y acompañadas por una nueva línea de crédito revolving super senior de 125 millones de dólares estadounidenses.
Los ingresos se utilizarán para redimir notas senior garantizadas existentes con vencimiento en 2027 por un valor de 447 millones de dólares estadounidenses y 579 millones de euros. Las tres agencias de calificación crediticia han tomado acciones de calificación positivas, con Moody's, S&P y Fitch elevando sus calificaciones a B2, B y BB- respectivamente.
Este refinanciamiento representa un hito clave en la estrategia financiera de Viridien, tras 60 millones de dólares estadounidenses en recompra de bonos en 2024. La compañía busca mantener liquidez a través del aumento de la RCF, un saldo de caja de alrededor de 100 millones de dólares estadounidenses y un perfil de vencimiento de deuda extendido, mientras continúa reduciendo el apalancamiento de su estructura de capital a través de flujos de efectivo excedentes.
Viridien S.A.는 4억 5천만 달러의 10% 만기 2030년 9월 및 4억 7천5백만 유로의 8.5% 만기 2030년으로 구성된 이중 통화 선순위 담보 노트 발행을 성공적으로 가격 책정했습니다. 이 노트는 2025년 3월 25일에 발행될 예정이며, 일부 자회사가 보증하고 1억 2천5백만 달러의 슈퍼 시니어 회전 신용 시설과 함께 제공됩니다.
수익금은 2027년 만기 4억 4천7백만 달러 및 5억 7천9백만 유로에 달하는 기존 선순위 담보 노트를 상환하는 데 사용됩니다. 세 개의 신용 평가 기관 모두 긍정적인 평가 조치를 취했으며, 무디스, S&P, 피치는 각각 B2, B 및 BB-로 등급을 상향 조정했습니다.
이번 재융자는 2024년 6천만 달러의 채권 매입 이후 Viridien의 재무 전략에서 중요한 이정표가 됩니다. 회사는 증가된 RCF, 약 1억 달러의 현금 잔고 및 연장된 부채 만기 프로필을 통해 유동성을 유지하고, 잉여 현금 흐름을 통해 자본 구조의 레버리지를 계속 줄이는 것을 목표로 하고 있습니다.
Viridien S.A. a réussi à établir le prix d'une offre de billets senior garantis en double monnaie, comprenant 450 millions de dollars US à 10% échéant en septembre 2030 et 475 millions d'euros à 8,5% échéant en 2030. Les billets, qui seront émis le 25 mars 2025, seront garantis par certaines filiales et accompagnés d'une nouvelle facilité de crédit revolving super senior de 125 millions de dollars US.
Les produits seront utilisés pour racheter des billets senior garantis existants arrivant à échéance en 2027 d'une valeur de 447 millions de dollars US et 579 millions d'euros. Les trois agences de notation ont pris des mesures de notation positives, Moody's, S&P et Fitch ayant respectivement relevé leurs notations à B2, B et BB-.
Ce refinancement représente une étape clé dans la stratégie financière de Viridien, après 60 millions de dollars US de rachats d'obligations en 2024. L'entreprise vise à maintenir sa liquidité grâce à l'augmentation de la RCF, un solde de trésorerie d'environ 100 millions de dollars US et un profil d'échéance de la dette prolongé, tout en continuant à réduire l'effet de levier de sa structure de capital grâce à des flux de trésorerie excédentaires.
Viridien S.A. hat erfolgreich ein Angebot für senior gesicherte Anleihen in zwei Währungen bepreist, das 450 Millionen US-Dollar zu 10% mit Fälligkeit im September 2030 und 475 Millionen Euro zu 8,5% mit Fälligkeit im Jahr 2030 umfasst. Die Anleihen, die am 25. März 2025 ausgegeben werden, werden von bestimmten Tochtergesellschaften garantiert und von einer neuen Revolving-Kreditfazilität in Höhe von 125 Millionen US-Dollar begleitet.
Die Erlöse werden verwendet, um bestehende senior gesicherte Anleihen mit Fälligkeit 2027 im Wert von 447 Millionen US-Dollar und 579 Millionen Euro einzulösen. Alle drei Ratingagenturen haben positive Ratingmaßnahmen ergriffen, wobei Moody's, S&P und Fitch ihre Ratings auf B2, B und BB- angehoben haben.
Diese Refinanzierung stellt einen wichtigen Meilenstein in der Finanzstrategie von Viridien dar, nach 60 Millionen US-Dollar an Anleiherückkäufen im Jahr 2024. Das Unternehmen strebt an, die Liquidität durch die erhöhte RCF, einen Bargeldbestand von etwa 100 Millionen US-Dollar und ein verlängertes Fälligkeitsprofil der Schulden aufrechtzuerhalten, während es weiterhin die Verschuldung seiner Kapitalstruktur durch überschüssige Cashflows abbaut.
- Credit rating upgrades from all three major agencies
- Successful refinancing with oversubscribed order book
- Reduction in gross debt through cash deployment
- 25% increase in Revolving Credit Facility to US$125M
- Extension of debt maturity profile to 2030
- Expected reduction in interest costs
- High interest rates on new notes (10% USD, 8.5% EUR)
- Substantial debt load remains despite refinancing
Insights
Viridien's successful pricing of
The extension of debt maturity from 2027 to 2030 provides Viridien with enhanced financial flexibility during a important operational period. Equally important is the increased liquidity through an expanded
The company's sequential deleveraging strategy shows disciplined financial management, having already executed
While Viridien maintains substantial debt, this refinancing fundamentally improves their debt service dynamics and should enhance free cash flow generation, creating additional financial flexibility for operational investments or further deleveraging. The RCF expansion provides an additional liquidity cushion while maintaining their target of approximately
Paris, France – March 11, 2025
Today, Viridien S.A. successfully priced an offering (the “Offering”) of US
The Notes will be guaranteed on a senior secured basis by certain subsidiaries of Viridien S.A. and will be issued at par and are expected to be issued on March 25, 2025 (the “Issue Date”).
Viridien will also enter on the Issue Date into a US
Viridien intends to use the net proceeds from this Offering, together with cash on hand, to satisfy and discharge on the Issue Date and subsequently redeem on April 1, 2025, in full its senior secured notes due 2027 in a principal amount outstanding of US
As part of the transaction, all three credit rating agencies decided to take positive rating actions, subject to the closing of the Offering. Moody’s, S&P and Fitch each assigned to the Notes an issue rating one notch above the existing notes (to B2, B and BB- respectively). Moody’s has indicated that it will upgrade its corporate rating to B2 (from B3), while S&P has assigned a positive outlook to their B- rating.
This Offering is an important milestone of Viridien’s financial roadmap presented a year ago:
- The proposed refinancing reduces gross debt by deploying excess cash on balance sheet; this transaction follows the
$60m of bond buybacks carried out in 2024; - Viridien’s objective is to continue deleveraging its capital structure through excess cashflows, both on a gross and net debt basis;
- In addition, the management remains focused on maintaining a solid liquidity profile, supported by (i) an increased RCF from
$100m to$125m , (ii) a cash balance around the US$100 million level required to run operations and (iii) the extension of the group’s debt maturity profile.
Sophie Zurquiyah, Chief Executive Officer of Viridien S.A., said:
“Our credit rating upgrades combined with multiple times over-subscribed order book and successful bond refinancing underscore the financial market’s confidence in Viridien and is a testament to our strong operational performance and promising outlook. This transaction will allow us to further deleverage our balance sheet, extend debt maturities, reduce interest costs and ultimately enhance our free cashflow generation. Our liquidity remains strong thanks to an increased RCF facility, also demonstrating the trust our banking partners have in the group. We reiterate our strong commitment to continue reducing our leverage using our cash generation and look forward to further growing our company and delivering increased value to all our stakeholders.”
About Viridien
Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).
Contacts
| Investor Relations Jean-Baptiste Roussille Tel: + 33 6 14 51 09 88 E-Mail: jean-baptiste.roussille@viridiengroup.com |
This press release may include projections and other “forward-looking” statements within the meaning of United States federal securities laws. Forward-looking statements include, among other things, statements concerning the business, future financial condition, results of operations and prospects of Viridien S.A., including its affiliates. These statements usually contain the words “believes”, “plans”, “expects”, “anticipates”, “intends”, “estimates” or other similar expressions. For each of these statements, you should be aware that forward-looking statements involve known and unknown risks and uncertainties. Any such projections or statements reflect the current views of Viridien S.A. about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.
This press release does not constitute an offer to sell nor a solicitation of an offer to buy securities. There will not be any sale of these securities in any such state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or country. The distribution of this press release may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this press release comes are required to inform themselves about and to observe any such potential local restrictions.
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no offering of securities to the public in France or the United States.
No action has been, or will be, taken in any jurisdiction (including the United States) by Viridien S.A. that would result in a public offering of the Notes or the possession, circulation or distribution of any offering memorandum or any other material relating to Viridien S.A. or the Notes in any jurisdiction where action for such purpose is required.
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FAQ
What is the size and interest rate of Viridien's new senior secured notes offering?
How have credit rating agencies responded to Viridien's refinancing announcement?
What is the purpose of Viridien's March 2025 notes offering?
How much has Viridien increased its Revolving Credit Facility in the 2025 refinancing?
What bond buybacks did Viridien complete in 2024?
