Revolving credit facility and term loan
Fugro has a revolving credit facility in place with seven banks, with a maturity of December 2023 (plus a one year extension option). The facility has an initial coupon of EURIBOR+4.25% and depending on leverage can vary between EURIBOR+2.75% and EURIBOR+5.50%.
In addition, with the same banks, Fugro has a EUR 200 million term loan in place, with a maturity of December 2023. The loan has an initial coupon of EURIBOR+5.50% and will gradually increase in bi-annual steps in the second and third year towards EURIBOR+8.00%. In July 2021, EUR 12 million proceeds from Seabed Geosolutions’ divestment have been used to repay part of the term loan.
On both loans, covenants apply on Fugro’s solvency ratio (>=33.33%), net leverage (equal to or less than 3.25:1) and interest coverage (at least 2.50:1).
2024 Convertible bonds
These bonds carry a coupon of 4.5% and an initial conversion price of EUR 14.9412. The conversion price was adjusted to EUR 19.6490 per 21 December 2020 (following the refinancing and related share consolidation).
The bonds are trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange (symbol: ISIN: XS1711989928).
Key characteristics of the 2024 convertible bond