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Press release
Paris – April 6day2023
successFull refinancing Barneyof Tonbusiness loanSecond Second Due March 2025
Deadline extended to March 2028
and additional financing combinationnoEnter
FL Entertainment announced today that Banijay has successfully completed the refinancing of its two Euro and US Dollar Term Loan B (TLB) lines of credit for an amount equivalent to approximately EUR 875 million (comprising EUR 453 million and USD 460 million), thereby extending their maturities 3 years to March 2028.
The deal was 2x oversubscribed and placed to prime institutional lenders.
Against this backdrop, Banijay has raised new TLB financing in EUR and USD to strengthen its balance sheet and fund its future growth, for a total amount equivalent to EUR 200 million, EUR 102 million and USD 110 million respectively.
The euro-denominated portion of Term Loan B has a floating rate of EURIBOR +450 basis points and a floating rate of SOFR +375 basis points on the USD-denominated portion, both of which will benefit from existing hedges until March 2025. The additional amount and extended term will also hedge against floating rate risk.
In total, Banijay has refinanced and raised nearly €1.1 billion in capital.
Meanwhile, Banijay extends the term of its €170m RCF by 3 years to September 2027
EURIBOR + 3.75%1.
Sophie Kulinks, group CfO of FL Entertainment, commented:
“I am pleased to see that our aggressive approach to Banijay’s upcoming 2025 debt maturities has resulted in a successful refinancing of our debt as well as the issuance of new debt, which further enhances our financial flexibility. The support we have received there is a testament to our confidence in Banijay’s strategy and our group’s ability to continue to generate positive cash flow going forward.”
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agenda
First Quarter 2023 Results: May 30, 2023
Shareholders’ meeting: June 15, 2023
Investor Relations
Caroline Cohen – Tel: +33 1 44 95 23 34 – c.cohen@flentertainment.com
media relations
flentertainment@brunswickgroup.com
Hugues Boëton – Tel: +33 6 79 99 27 15
Nicholas Grange – Tel: +33 6 29 56 20 19
about florida entertainment
Founded by 30-year entertainment industry pioneer and entrepreneur Stéphane Courbit,
FL Entertainment Group is a global leader in multimedia content and games, combining the strengths of Banijay, the world’s largest independent production publisher, and Betclic Everest Group, Europe’s fastest growing online sports betting platform. In 2022, FL Entertainment recorded consolidated revenue and adjusted EBITDA through Banijay and Betclic Everest Group of EUR 4,047 million and EUR 670 million, respectively.
FL Entertainment will be listed on Euronext Amsterdam in July 2022.
ISIN: NL0015000X07 – Bloomberg: FLE NA – Reuters: FLE.AS
forward-looking statement
This communication contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
forward-looking statement
Certain statements in this press release may be deemed “forward-looking statements.” By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors beyond our control and cannot be predicted that could cause actual results to differ materially from any expressed or implied future results. These forward-looking statements are based on current expectations, estimates, forecasts, analyzes and projections about the industry in which we operate, as well as management’s beliefs and assumptions about possible future events. You are cautioned not to place undue reliance on these forward-looking statements, which express opinions only as of the date of this press release and are neither predictions nor guarantees of possible future events or circumstances.
We undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release, or to reflect the occurrence of unanticipated events, except as may be required by applicable securities laws.
Alternative Performance Measures
Financial information in this press release includes non-IFRS financial measures and ratios (for example, non-IFRS measures such as Adjusted EBITDA), which are not considered measures of financial performance or liquidity under IFRS. The non-IFRS financial measures presented are those used by management to monitor the underlying performance of the business and operations and therefore have not been audited or reviewed. In addition, they may not represent historical operating results, nor are they meant to predict future results. These non-IFRS measures are presented because they are considered to be important supplemental measures of the performance of FL Entertainment NV (the “Company”) and we believe that these and similar measures are widely used in the industry in which the Company operates as a means of evaluating The company’s operating performance and liquidity. Not all companies calculate non-IFRS financial measures in the same way or on a consistent basis. Accordingly, these measures and ratios may not be comparable to measures of other companies using the same or similar titles.
Regulatory information related to this press release is available at:
https://www.flentertainment.com/
1 Euribor + Base Currency 3.75% and SOFR + 4.00% USD/GBP Additional Convenience Margin
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