Clariane - comment

It is remarkable what can be achieved with state support. Emeis, formerly Orpea and a peer of Clariane, announced this morning the refinancing and extension of its debt maturities, allowing the company to exit its accelerated safeguard plan ahead of schedule. In addition, the company has lifted the restrictions on the payment of dividends, subject to certain financial covenants, including a group leverage ratio of 7.5x.

The new financing, totalling €3.15bn, comprises €2.2 billion of six-year bank debt, a minimum of €400m in six-year listed bonds issued at Euribor +475bps, and some shorter-term bank debt with a related revolving credit facility. The company intends to upsize the bond offering over the coming days.