Viridien Announces the Successful Pricing of its $450 Million and €475 Million Senior Secured Notes Offering
Summary
Moodys has indicated that it will upgrade its corporate rating to B2 (from B3), while S&P has assigned a positive outlook to their B- rating.This Offering is an important milestone of Viridiens financial roadmap presented a year ago: The proposed refinancing reduces gross debt by deploying excess cash on balance sheet; this transaction follows the $60m of bond buybacks carried out in 2024; Viridiens objective is to continue deleveraging its capital structure through excess cashflows, both on a gross and net debt basis; In addition, the management remains focused on maintaining a solid liquidity profile, supported by (i) an increased RCF from $100m to $125m, (ii) a cash balance around the US$100 million level required to run operations and (iii) the extension of the groups debt maturity profile.Our credit rating upgrades combined with multiple times over-subscribed order book and successful bond refinancing underscore the financial markets confidence in Viridien and is a testament to our strong operational performance and promising outlook. This transaction will allow us to further deleverage our balance sheet, extend debt maturities, reduce interest costs and ultimately enhance our free cashflow generation. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).This press release may include projections and other forward-looking statements within the meaning of United States federal securities laws. Any person subsequently offering, selling or recommending the securities (a distributor) should take into consideration the manufacturers target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) is responsible for undertaking its own target market assessment in respect of the securities (by either adopting or refining the manufacturers target market assessment) and determining appropriate distribution channels.The securities are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (UK).