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as Global Coordinators and Joint Bookrunners and Swedbank and Arctic Securities
as Joint Bookrunners to arrange a series of fixed income investor meetings
commencing on Monday 6 May 2019. A minimum EUR 200 million senior unsecured
publicly rated bond issue (“B2H05”) with expected rating of BB- / B1 and five
year tenor may follow, subject to inter alia market conditions. B2Holding has a
corporate family rating of Ba3 (Stable) by Moody’s and an issuer credit rating
of BB- (Stable) by S&P.
With reference to the Summons to Bondholders Meeting announced Monday 6 May
2019, B2Holding, has mandated DNB Markets and Nordea as financial advisers in
connection with the proposed amendments in the Company’s outstanding senior
unsecured bonds B2H01 (ISIN NO0010753072) and B2H02 (ISIN NO0010775166).
Implementation of the proposals will be conditional upon successful placement of
a new bond issue. The new bond issue will in turn be subject to the approval of
the proposed amendments by the bondholders in both B2H01 and B2H02, provided,
however, that the Company may in its sole discretion waive such condition in
respect of B2H01 and/or B2H02.
B2Holding will offer a buy-back of B2H01 and B2H02 bonds conditional upon
subscription into B2H05 in connection with the potential transaction.
Trading Update
In connection with the upcoming investor meetings, and possible bond issue, the
Company is hereby releasing a trading update based on preliminary financial
information for the first quarter of 2019 (comparable figures for Q1 2018 in
brackets).
Gross cash collection of NOK 1,248 million (NOK 775 million)
Portfolio purchases of NOK 570 million (NOK 1,485 million)
Total gross ERC at end of quarter of NOK 21,434 million (NOK 18,153 million)
Leverage Ratio at end of quarter at 3.0x (3.4x)
B2Holding experienced record-strong cash collection and operational costs were
in line with expectations in Q1 2019. The Company acquired portfolios for NOK
570 million during the quarter with an overweight in Northern Europe (70%) and
Poland (16%). Over the last 12 months, B2Holding has acquired portfolios for
approx. NOK 5.5 billion (up 4% y-o-y) and grown the total gross ERC to approx.
NOK 21.4 billion (up 18% y-o-y). The leverage ratio has decreased from 3.5x to
3.0x during Q1-2019 and we expect it to drop below 3.0x in Q2-2019 and stabilise
there in the foreseen future. The Company continues to see strong momentum in
its main markets and a good current pipeline.
B2Holding has agreed with the syndicated banks an extended maturity of its
revolving credit facility to 31 May 2022, but with a springing maturity on 31
March 2021 if the aggregate principal amount remaining outstanding under B2H01
and B2H02 by that date is not less or equal to EUR 175 million. The amendments
to the revolving credit facility will be completed upon fulfilment of certain
conditions precedent.
B2Holding has NOK 1.4 billion available for investments at the end of first
quarter. The additional proceeds from a new bond issue will increase the
investment capacity accordingly.
For further information, please contact:
Erik J. Johnsen
CFO, B2Holding ASA
Telephone: +47 415 77 055
E-mail: [email protected]
http://www.netfonds.no/quotes/release.php?id=20190506.OBI.20190506S43
