Unifiedpost Group announces update on Francisco Partners senior facility loan repayment plan
14 October 2024 - 4:00PM
UK Regulatory
Unifiedpost Group announces update on Francisco Partners senior
facility loan repayment plan
INSIDE INFORMATION
Unifiedpost Group announces update on
Francisco Partners senior facility loan repayment plan
La Hulpe, Belgium
– 14 October 2024, 7:00 am. CET
– Inside Information - Unifiedpost Group
SA (Euronext Brussels: UPG) (Unifiedpost), a leading provider of
integrated business communications solutions, will use the proceeds
from divestments to fully repay its €100 million Francisco Partners
senior facility loan.
Key highlights:
- On 7 March 2022 Unifiedpost entered into a Senior Facility Loan
Agreement with FP Credit Partners II AIV, L.P and FP Credit
Partners Phoenix II AIV, LP (Francisco Partners) for a capital
amount of €100,0 million. For more information, please see
our previous press release.
- As part of our portfolio rationalisation plans, proceeds from
divestments of certain assets will be used to repay in full the
outstanding amount of the Senior Facility Loan with Francisco
Partners.
- Francisco Partners confirmed it is supportive of the decision
to pay down the outstanding loan (capital and interest) according
to the following repayment plan:
- Initial repayment of €100,0 million (partially capital and
partially accrued interest) upon closing of the Identity business
sale (anticipated by 30 December 2024, on which date related
pledges to the transaction need to be released)
- Remaining balance which is estimated to be repaid no later than
31 March 2025. On this outstanding balance, the same interest
rates remain payable unchanged as provided in the Senior Facility
Loan Agreement.
- The repayment timeline falls ahead of the initial five-year
term with no prepayment penalties.
- The Senior Facility Loan and the equity shareholding of
Francisco Partners are two different commitments. Francisco
Partners has provided no information to Unifiedpost whether it
intends to hold or sell (in whole or in part) its equity stake.
Based on the latest transparency declaration of 8 April 2024
Francisco Partners is owning 2,92% of the voting rights.
- Unifiedpost's balance sheet position amounted to €108,8 million
(fair value of outstanding facility €86,0 million + accrued
interest €22,8 million) at 30 June 2024. In the first six months of
2024, a total interest amount of €5,9 million was accrued and €1,7
million was paid in cash, which led to an incurred financial cost
of €7,6 million.
Koen De Brabander, Chief Financial Officer of
Unifiedpost, stated, "During this year, we have continued to take
steps towards our strategic priorities of growing core digital
services, divesting non-core businesses, and strengthening the
balance sheet. We successfully completed the divestment of FitekIN
and ONEA and signed an agreement for the sale of 21 Grams.
Additionally, we announced the sale of the Wholesale Identity
Access business in the Netherlands, which presented us with a
unique opportunity to crystalise the value of our business and
enhance our focus on our core service offering. Furthermore, as
communicated during our strategy day in April, we will be using the
proceeds from divestments to reduce our net debt. We are pleased to
announce that this decision is supported by Francisco Partners, as
it marks an important step as we strengthen our position to execute
on our strategy, whilst also deleveraging. We would like to thank
Francisco Partners for their partnership and support throughout the
years.”
Contact:
Alex Nicoll
Investor Relations
Unifiedpost Group
alex.nicoll@unifiedpost.com
About Unifiedpost Group
Unifiedpost is a leading cloud-based platform
for SME business services built on “Documents”, “Identity” and
“Payments”. Unifiedpost operates and develops a 100% cloud-based
platform for administrative and financial services that allows
real-time and seamless connections between Unifiedpost’s customers,
their suppliers, their customers, and other parties along the
financial value chain. With its one-stop-shop solutions,
Unifiedpost’s mission is to make administrative and financial
processes simple and smart for its customers. For more information
about Unifiedpost Group and its offerings, please visit our
website: Unifiedpost Group | Global leaders in digital
solutions
Cautionary note regarding forward-looking
statements: The statements contained herein may include prospects,
statements of future expectations, opinions, and other
forward-looking statements in relation to the expected future
performance of Unifiedpost Group and the markets in which it is
active. Such forward-looking statements are based on management's
current views and assumptions regarding future events. By nature,
they involve known and unknown risks, uncertainties, and other
factors that appear justified at the time at which they are made
but may not turn out to be accurate. Actual results, performance or
events may, therefore, differ materially from those expressed or
implied in such forward-looking statements. Except as required by
applicable law, Unifiedpost Group does not undertake any obligation
to update, clarify or correct any forward-looking statements
contained in this press release in light of new information, future
events or otherwise and disclaims any liability in respect hereto.
The reader is cautioned not to place undue reliance on
forward-looking statements.
- 24-10-14 Press release - FP FINAL
Unifiedpost Group SANV (TG:60Z)
Historical Stock Chart
From Nov 2024 to Dec 2024
Unifiedpost Group SANV (TG:60Z)
Historical Stock Chart
From Dec 2023 to Dec 2024
