Claranova reduces debt by paying EuroPP bond holders
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PlanetArt parent company Claranova announced Friday, May 24, the company reimbursed the holders of the Euro PP bond for a total amount of €19.7 million, thus continuing to reduce its debt. As announced, this reimbursement was made from the company’s own funds.
By the end of the current financial year, ending June 30, 2024, Claranova will have reimbursed more than €55 million of its debt (excluding interest) from its own fundsm, the company said. These repayments include the €29 million in ORNANE bonds, €19.7 million in Euro PP bond, and €7 million in amortizations of other existing loans. Over the same period, the group also refinanced its OCEANE debt, extending its maturity by 4 years.
These operations have significantly reduced the group’s level of debt, lowered the associated financial charges, and allowed to get closer to a net debt/EBITDA ratio of 3x. They also demonstrate the group’s ability to efficiently allocate cash and strengthen its balance sheet to ensure sustainable growth and seize new market opportunities.
“After the refinancing of our OCEANE debt, the repayment of the Euro PP bond marks a new step in our debt reduction policy and demonstrates our determination to optimize our financial structure,” said Eric Gareau, CEO of Claranova. “We will continue our efforts in this direction, and expect a large proportion of our debt, excluding OCEANE refinancing, to be reimbursed within a year. With a reconfigured, leaner debt structure, we will be able to invest more in our business, with a focus on improving profitability and creating shareholder value.”