Oriflame lines up private placement note covenants with revolver terms

By Susanna Moon

Chicago, April 28 – Oriflame Cosmetics SA said it aligned the covenants of its private placement notes with those of a new revolving credit facility as part of a refinancing.

The following financial measures constitute the aligned set of covenants, according to a company press release:

• Consolidated net debt to consolidated EBITDA less than or equal to 3 times;

• Consolidated EBITDA to consolidated finance costs greater than or equal to 5 times; and

• Consolidated net worth greater than or equal to €120 million.

“Having completed the refinancing with our current group of core banks and aligned the covenants with our noteholders, we look forward to continued good cooperation both through central financing and ancillary services in the various regions where we operate,” Gabriel Bennet, chief financial officer of Oriflame, said in the press release.

Oriflame Cosmetics is a direct seller of beauty products. It is based in Malmo, Sweden.

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