July 22nd, 2022
Compact Bidco B.V.
J.G. van der Stoopweg 11
2396BH Koudekerk aan de Rijn
Koudekerk aan de Rijn, the Netherlands.
On July 21st, 2022, Compact Bidco B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (the “Company” and, together with its subsidiaries, the “Consolis Group”), entered into a new term facility by certain of its subsidiaries, in a principal amount of €30 million, with certain unaffiliated third-party lenders (the “New Facility”). The proceeds from the New Facility are expected to be used for general corporate purposes.
Drawing under the New Facility is subject to certain customary conditions, which the Company expects to be satisfied in the coming weeks, at which time the Company expects the New Facility to be drawn in full. The New Facility matures on 31 May 2025 (if not repaid earlier), and accrues interest at a floating rate based on EURIBOR, with a 700 basis points margin. The New Facility will be borrowed by certain members of the Consolis Group that are not guarantors of the Company’s senior secured revolving credit facility or senior secured notes, and are incorporated in Germany, Poland and Spain. The New Facility will be secured over the shares of certain members of the Group incorporated in Germany, Norway, Poland and Spain, and guaranteed by such entities and their direct parent companies. It will also be secured over certain real estate assets located in Germany, Norway and Poland. The aggregate market value of the real estate assets subject to security is estimated at approximately €40 million.
As of June 30, 2022, after giving pro forma effect to the entry into the New Facility, the Consolis Group’s liquidity amounted to €107.9 million, consisting of €59.9 million of cash and cash equivalents, €18.0 million available for drawing under its super senior revolving credit facility, and €30.0 million available under the New Facility. The Consolis Group expects that these sources of liquidity are adequate to support its operations (including debt service) and capital expenditures in line with its business plan, and provide additional liquidity headroom.
This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.