Belron has successfully allocated its new term loan of EUR 400 million equivalent

Belron has successfully allocated its “Term Loan B” (“the “Term Loan”) of EUR 400 million equivalent (the “Transaction”). The Transaction is expected to close on 13 November 2018.

The key definitive terms of the Term Loan are the following:

  • Total amount of USD 455 million (or EUR 400 million equivalent)

  • Maturity of 7 years (i.e. November 2025)

  • Spread in USD of Libor + 250 bps

  • Issue price of 99.750%

  • Rating of the issue: Ba3 for Moody’s and BB for S&P

 

As previously announced, the proceeds of the new Term Loan will be used to pay a dividend to the shareholders of Belron.

This Transaction optimises Belron’s capital structure whilst maintaining full flexibility for its strategic options. It also extends Belron’s debt maturity profile.

Belron’s net financial debt/EBITDA multiple increases from 3.18x on 30 September 2018 to 4.22x as a result of this Transaction.

The extraordinary dividend that D’Ieteren will receive from Belron following this Transaction will allow it to pursue its long-term strategy which aims to invest in other activities with attractive value creation potential.   

End of press release

 

Group profile

In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry or in their geographies. The group has currently three activities articulated around strong brands:

  • D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of around 21% and 1.2 million vehicles on the road at the end of 2017. Sales and adjusted operating result reached respectively EUR 3.3 billion and
    EUR 85.9 million in FY 2017.

  • Belron (54.11% owned) makes a difference by solving people’s problems with real care. It is the worldwide leader in vehicle glass repair and replacement, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass®. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers. Belron is also expanding its services to focus on solving problems for people who need assistance with repairs to their vehicles and homes. Sales and adjusted operating result reached respectively EUR 3.5 billion and EUR 189.8 million in FY 2017.

  • Moleskine

    (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy across more than 115 countries. Sales and operating result reached respectively EUR 155 million and EUR 25 million in FY 2017.

 

Contacts

Axel Miller, Chief Executive Officer

Arnaud Laviolette, Chief Financial Officer

Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: financial.communication@dieteren.be – Website: www.dieteren.com