Emerald Completes Refinancing and Upsizing of $515 Million Term Loan and Revolver Extension
Emerald Holding (NYSE: EEX), America's largest trade show producer, has successfully completed a major financial restructuring. The company refinanced its existing $409 million First Lien Term Loan with a new $515 million senior secured term loan facility, maturing January 30, 2032. Additionally, Emerald extended its $110 million revolving credit facility to January 30, 2030.
The refinancing features improved terms and lower interest rates, reflecting market confidence in Emerald's business fundamentals and cash flow profile. The proceeds will be used to refinance existing loans, with the balance available for general business purposes, including potential acquisitions. The revolving credit facility remains undrawn and can be utilized for similar purposes.
Emerald Holding (NYSE: EEX), il più grande produttore di fiere negli Stati Uniti, ha completato con successo una importante ristrutturazione finanziaria. L'azienda ha rifinanziato il suo prestito term loan di primo grado da 409 milioni di dollari con una nuova linea di prestito garantita senior da 515 milioni di dollari, in scadenza il 30 gennaio 2032. Inoltre, Emerald ha esteso la sua linea di credito revolving da 110 milioni di dollari fino al 30 gennaio 2030.
Il rifinanziamento presenta termini migliorati e tassi d'interesse inferiori, riflettendo la fiducia del mercato nei fondamentali aziendali di Emerald e nel suo profilo di flusso di cassa. I proventi saranno utilizzati per rifinanziare prestiti esistenti, con il resto disponibile per scopi aziendali generali, inclusi potenziali acquisizioni. La linea di credito revolving rimane non utilizzata e può essere impiegata per scopi simili.
Emerald Holding (NYSE: EEX), el mayor productor de ferias de comercio en América, ha completado con éxito una importante reestructuración financiera. La compañía refinanció su préstamo a plazo de primer grado de 409 millones de dólares con un nuevo préstamo a plazo senior garantizado de 515 millones de dólares, que vencerá el 30 de enero de 2032. Además, Emerald amplió su línea de crédito revolvente de 110 millones de dólares hasta el 30 de enero de 2030.
El refinanciamiento presenta condiciones mejoradas y tasas de interés más bajas, lo que refleja la confianza del mercado en los fundamentos del negocio de Emerald y su perfil de flujo de efectivo. Los ingresos se utilizarán para refinanciar préstamos existentes, con el saldo disponible para fines comerciales generales, incluidas posibles adquisiciones. La línea de crédito revolvente sigue sin utilizarse y puede ser empleada para fines similares.
에메랄드 홀딩스 (NYSE: EEX), 미국 최대의 무역 박람회 제작자가 주요 재무 구조 조정을 성공적으로 완료했습니다. 이 회사는 4억 9천만 달러의 1담보 채권 대출을 새로운 5억 1천5백만 달러의 고전 secured 대출 시설으로 재융자했으며, 이는 2032년 1월 30일까지 만료됩니다. 또한 에메랄드는 1억 1천만 달러의 회전 신용 시설을 2030년 1월 30일까지 연장했습니다.
이번 재융자는 더 나은 조건과 낮은 이자율을 제공하며, 이는 에메랄드의 사업 기반과 현금 흐름 프로파일에 대한 시장 신뢰를 반영합니다. 수익금은 기존 대출을 재융자하는 데 사용되며, 잔여금은 잠재적 인수 등 일반 사업 목적으로 사용될 수 있습니다. 회전 신용 시설은 아직 인출되지 않았으며 유사한 목적으로 사용 가능합니다.
Emerald Holding (NYSE: EEX), le plus grand producteur de salon professionnel en Amérique, a réussi à achever une restructuration financière majeure. L'entreprise a refinancé son prêt à terme garanti de premier niveau de 409 millions de dollars avec un nouvel emprunt à terme senior garanti de 515 millions de dollars, échéant le 30 janvier 2032. De plus, Emerald a prolongé sa ligne de crédit renouvelable de 110 millions de dollars jusqu'au 30 janvier 2030.
Le refinancement présente des conditions améliorées et des taux d'intérêt plus bas, reflétant la confiance du marché dans les fondamentaux économiques et le profil de flux de trésorerie d'Emerald. Le produit sera utilisé pour refinancer des prêts existants, le reste étant disponible à des fins commerciales générales, y compris d'éventuelles acquisitions. La ligne de crédit renouvelable reste inutilisée et peut être exploitée à des fins similaires.
Emerald Holding (NYSE: EEX), der größte Messeveranstalter in Amerika, hat erfolgreich eine umfassende finanzielle Umstrukturierung abgeschlossen. Das Unternehmen hat seinen bestehenden First Lien Term Loan in Höhe von 409 Millionen Dollar mit einem neuen senior gesicherten Darlehen in Höhe von 515 Millionen Dollar refinanziert, das am 30. Januar 2032 fällig wird. Darüber hinaus hat Emerald seine 110 Millionen Dollar revolving Kreditlinie bis zum 30. Januar 2030 verlängert.
Die Refinanzierung bietet verbesserte Bedingungen und niedrigere Zinssätze, was das Vertrauen des Marktes in die Geschäftszahlen und den Cashflow von Emerald widerspiegelt. Die Erlöse werden verwendet, um bestehende Kredite zu refinanzieren, wobei der Rest für allgemeine Geschäftszwecke, einschließlich möglicher Akquisitionen, zur Verfügung steht. Die revolving Kreditlinie bleibt ungenutzt und kann für ähnliche Zwecke verwendet werden.
- Secured larger loan facility of $515M, up from $409M
- Extended loan maturity to 2032 (term loan) and 2030 (revolving credit)
- Obtained improved terms and lower interest rates
- Increased financial flexibility for acquisitions and business growth
- Strong market confidence demonstrated through oversubscribed refinancing
- Increased total debt load with upsized term loan
Insights
The successful completion of Emerald's
Enhanced Financial Flexibility: The
Strategic Growth Implications: The upsized facility and improved terms position Emerald advantageously for potential M&A opportunities in the B2B events space. With
Cost Optimization: The lower interest rate structure directly enhances free cash flow generation, providing a dual benefit of reduced debt servicing costs and increased financial flexibility. This improvement in the cost of capital structure arrives at an opportune time in the events industry's post-pandemic recovery cycle.
Market Confidence Signal: The successful refinancing, notably with improved terms and strong demand, serves as a positive indicator of institutional lenders' confidence in Emerald's business fundamentals and growth trajectory. The extended maturity profile also reduces refinancing risk and provides operational stability through 2032.
Emerald and a syndicate of lenders and Bank of America, as administrative agent, refinanced the Company’s existing
“This refinancing marks a pivotal milestone in strengthening our financial flexibility and optimizing our capital structure,” said David Doft, Emerald’s Chief Financial Officer. “The improved terms, lower interest rate, and strong demand for the upsized term loan underscore the market's confidence in our business fundamentals and robust free cash flow profile. By enhancing our liquidity and reducing financing costs, this refinancing provides us with greater capacity to accelerate portfolio optimization initiatives, bolster free cash flow, and advance our strategic growth priorities with confidence.”
A portion of the proceeds of the Term Loan Facility were used to refinance all existing loans outstanding under Emerald’s previous senior secured credit facilities, and to pay costs and expenses in connection with the refinancing. The balance of the proceeds of the Term Loan Facilities remain on the balance sheet of Emerald and may be used from time to time for general business purposes, including the financing of acquisitions. The Revolving Credit Facility was not drawn and may be used from time to time for general business purposes, including the financing of acquisitions.
About Emerald
Emerald Holding, Inc. (NYSE: EEX) is the largest
Forward-Looking Statements
The information set forth in this release contains certain forward-looking statements regarding the Company and its subsidiaries, including, without limitation, statements regarding the Company’s ability to continue staging live events and scale its business beyond pre-COVID levels; statements about general economic conditions, or more specifically about the markets in which the Company operates, and the Company’s expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance; the multiple avenues to return to organic growth; expectations regarding interest rates and economic conditions; the Company’s ability to successfully identify and acquire acquisition targets; and the Company’s intention to continue to pay regular quarterly dividends, among others. In particular, the declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Company’s Board of Directors and will depend on a number of factors. The forward-looking statements contained herein are based on management’s current expectations as well as estimates and assumptions prepared by management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties outside of the Company’s control that may cause actual results, performance, or achievements to differ materially, and there can be no assurance that the forward-looking statements included herein will prove to be accurate. In addition, even if the Company’s results of operations, financial condition and liquidity, and events in the industry in which it operates, are consistent with the forward-looking statements contained herein, they may not be predictive of results or developments in future periods. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe, “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. For factors that could cause actual results to differ materially from the forward-looking statements included herein, please see the risks and uncertainties identified under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recently filed annual report on Form 10-K for the year ended December 31, 2023, which is available on the Company’s Investor Relations website at investor.emeraldx.com and on the SEC’s EDGAR website at www.sec.gov. The Company disclaims any obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Past results are not indicative of future performance.
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Emerald Holding, Inc.
Investor Relations
investor.relations@emeraldx.com
1-866-339-4688 (866EEXINVT)
Source: Emerald Holding, Inc.
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