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Infor may weigh refi of HoldCo unsecured bonds and 5¾% secured notes
By Devika Patel
Knoxville, Tenn., June 23 – Infor Inc.’s chief financial officer Kevin Samuelson said that the company may consider refinancing its HoldCo bonds, which are now callable, but that Infor, at the moment, has no concrete plans to do so.
“We’re always looking at the market,” Samuelson said on the company’s fourth quarter earnings conference call on Friday.
“In Q4, we found a nice window to drive some nice savings and some extension of the tenor of our first lien [credit facility], so I think we’ll kind of always be looking at the market when there are windows to take advantage of compelling pricing that makes economic sense.
“We’ll absolutely jump in the market and view those steps to refinancing but we don’t have any concrete plans sitting here today,” he said.
The company’s 5¾% secured notes are also callable but Infor’s management has no preference in refinancing these secured notes over the unsecured HoldCo bonds.
“We don’t have a preference for [refinancing] either,” Samuelson said.
“We have a preference for a transaction that deals interesting economic outcome, so depending on what the market yields is where we would go first, but I don’t think we have a preference to go after one tranche versus another,” he said.
Adjusted pro forma EBITDA was $191.2 million in the fourth quarter.
The company’s cash balance at the end of the fourth quarter of 2017 was $305.8 million, down 106.2% from the third quarter of 2017.
Infor’s net leverage is 6.3x cash EBITDA and 7.1x adjusted EBITDA at the end of the fourth quarter of 2017.
Infor is a New York-based enterprise software provider.
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