Norican announces the signing of commitments for facilities to be used to redeem the Group’s outstanding EUR 340 million senior secured notes
January 23, 2023 – Norican A/S, a public limited liability company organized and existing under the laws of Denmark (the “Company” and together with its subsidiaries, the “Group”), announced today the signing of commitments for facilities to be provided by a consortium of Nordic banks and investment funds. The proceeds from the facilities will be used to redeem the Group’s outstanding EUR 340 million senior secured notes (the “notes”) in full at par, plus accrued interest. The completion of the refinancing and the redemption of the notes is conditioned upon the closing of the new financing, which is expected to occur during February, subject to the satisfaction of customary conditions precedent.
Norican will, after the refinancing, have approximately EUR 50 million of cash at hand plus an RCF provided by certain members of the financing consortium of EUR 60 million of which only EUR 25 million is at present used for bank guarantees, leaving the company with ample available liquidity. Further, the weighted average maturity of the term loans is greater than four years and the weighted average interest margin is under six per cent.