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Neopost, a global leader in mail solutions, business process automation, customer experience management and parcel locker solutions, today announced that it has successfully raised the equivalent of EUR 210 million (EUR 130 million and USD 90 million) through a , a private placement loan issued under German law.

This transaction is mainly intended to repay existing lines maturing in 2019 the private placement bond amounting to EUR 150 million, bearing a 3.50% coupon and a US private placement tranche of USD 26 million.

Taking into account current Libor 3-month and Euribor 6-month rate conditions, the average rate of this new placement stands at 2.55%, which will result in lowering the Group’s average cost of debt.

In addition, with maturities ranging from 4 to 7 years, this new financing will allow the extension of the average maturity of the Group’s debt.

This new private placement is subject to compliance with the covenants excluding leasing operations currently in place, with notably a leverage ratio excluding leasing operations below 3.0 and Group shareholders’ equity greater than EUR 600 million.

Jean-François Labadie, Chief Financial Officer of Neopost, commented:

The funds are raised at fixed rate for 32% of the total amount and variable rate for 68% and have the following maturities:

The Group points out that its net debt, which stood at EUR 617 million on 31 January 2019, is fully backed by future cash flows coming from its rental and leasing activities.

The first-quarter 2019 sales press release will be published on May 27, 2019 after market close and Neopost’s Annual General Meeting will be held in Paris on June 28, 2019.

More news and information about Neopost

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Globe Newswire: 16:45 GMT Wednesday 15th May 2019

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