By Lisa Kerner
Charlotte, N.C., Oct. 29 - Neopost SA announced it has raised a further $50 million and €50 million under a Schuldschein German-law private placement program in order to refinance debt.
The company said the funds were borrowed for a term of four years from French and Asian investors.
Specifically, Neopost is refinancing its €133 million private placement with Credit Agricole due December 2012 and its €675 million syndicated revolving multicurrency credit facility maturing in June 2013.
Neopost raised $45 million and €17 million through Schuldschein placements in August and September.
The latest placements take total funds raised through Schuldschein issues to $95 million and €67 million, a company news release said.
Total private placements completed since June 2012 equal $270 million and €217 million.
Neopost had net debt of €765 million at July 31. The debt is earmarked for equipment financing and is "more than covered" by future cash flows from the company's leasing and rental business, the release said.
"We are further diversifying our sources of financing across various categories of investors, and the terms obtained confirm Neopost's credit quality, which is equivalent to 'investment grade,'" said chief financial officer Jean-Francois Labadie said in a news release.
Paris-based Neopost is a manufacturer of postage meters and mailroom equipment.
| Issuer: | Neopost SA
|
| Issue: | Schuldschein program
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| Amount: | $50 million and €50 million
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| Maturities: | Four years
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| Distribution: | Private placement
|
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