Belron repriced two outstanding term loans, has distributed a dividend and has been assigned an Investment Grade rating by Fitch
D'Ieteren Group announces today that Belron has successfully repriced two outstanding TLB loans, driven by improving capital market conditions and strong operational performance of the business.
The first loan is the sustainability-linked loan of $1,580m outstanding due in April 2028, currently priced at [Term Sofr + 250bps][1], reduced to [Term Sofr + 200bps][1]. The second one is the $868m outstanding loan due in April 2029, which is repriced from the current [Term Sofr + 250bps][2] to [Term Sofr + 225bps$][2].
D'Ieteren Group further announces that Belron has distributed a €363m interim ordinary dividend to its shareholders out of cash on balance sheet. D'Ieteren Group's share represents €188m, which will enable the Group to pursue its long-term investment strategy.
Also reflecting its strong business profile, Belron has been assigned a BBB-, stable outlook by Fitch. The rating agency explains Belron's investment grade rating by its scale, strong profitability and comfortable deleveraging capacity.
[1] Plus 0.26% credit spread adjustment
[2] Plus 0.10% credit spread adjustment
Contact
Francis Deprez, Chief Executive Officer
Edouard Janssen, Chief Financial Officer
D'Ieteren NV published this content on 15 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2023 16:46:25 UTC.
In existence since 1805, and across family generations, D'Ieteren Group (the Group) is an investment company seeking growth and value creation by building a family of businesses that reinvent their industries and search for excellence and meaningful impact. It currently owns the following businesses:
- Belron (50.30% in fully diluted economic rights at 31 December 2023, equity-accounted investee): worldwide leader in vehicle glass repair, replacement and recalibration;
- D'Ieteren Automotive (100% owned): distributor of Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium and expanding into other mobility services;
- PHE (100% in economic rights - see note 2) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain;
- TVH (40% owned - equity accounted-investee): leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment;
- Moleskine (100% owned): develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform;
- D'Ieteren Immo (100% owned): groups together the Belgian real estate interests of D'Ieteren Group.