Valora has replaced its CHF 100 million revolving-facility syndicated credit with a new CHF 200 million multi-currency revolving credit facility on more attractive terms and conditions. By renewing its credit facility, Valora has extended the maturity profile of its liabilities, thus achieving greater strategic flexibility. Commerzbank Aktiengesellschaft, Credit Suisse AG and UBS AG acted as book runners, with Credit Suisse AG as agent.
In April and October 2013, Valora had already successfully completed two capital-market transactions to refinance the largest share of its previous syndicated credit facility, which had been in the form of term loans. The first transaction, in April 2013, was a hybrid bond issue raising CHF 120 million. This was followed in the autumn of 2013 by a EUR 150 million Schuldschein placement, thus further diversifying the Group's liability financing.
Valora has now successfully renewed all its credit facilities, in accordance with its strategy of implementing a sustainable liability-financing structure. The Group's objective of strengthening its balance sheet by realigning its debt maturity profile and optimising its financing costs has been achieved.