COMPAGNIE DES ALPES (EPA:CDA) - Compagnie des Alpes // Refinancing

Transparency directive : regulatory news

15/03/2017 17:41

Press Release

Compagnie des Alpes reduces the cost of its debt by more than 40% as of 2017-18
     and significantly extends the average maturity of its debt profile by
completing the refinancing of its 2017 bond (EUR200 million) and amending its
                     RCF syndicated loan (EUR 250 million)

Paris, March 15, 2017 - Compagnie des Alpes has seized the opportunity offered
by a buoyant bond market to capitalize on the good financial performance of its
most recent financial years and successfully restructure and refinance its
EUR200 million bond due in October 2017. At the same time, and for the same
reasons, the Group also reviewed the terms of its EUR250 million syndicated
revolving credit facility.

Agnès Pannier-Runacher, Deputy CEO of Compagnie des Alpes, stated: "This
refinancing operation, which was widely oversubscribed, allows the Compagnie
des Alpes to capitalize on its good financial performance in recent years and
on its "solid investment grade" credit quality. The operation will have a
positive impact of more than EUR6 million on net income as of 2018 while
offering the Group the means to finance its strategy."

1 - Early refinancing of the bond due in October 2017 by setting up new
financing for the same amount (EUR200 M)

The new financial arrangement is composed of a bank loan and a bond. The bank
loan is in the amount of 105 MEUR:

* An amortizable term loan contracted with the Group's historic lenders grouped
  into a club deal that also includes a Chinese bank; the total amount is
  EUR80 M with a 5-year maturity for 50% and a 6- year maturity for the
  remaining 50%
* A bilateral amortizable loan with a new French banking partner for a total
  amount of EUR25 M with a balloon payment in 7 years.

The bond component is in the amount of EUR95 M:
* A Euro PP with a French investor for a total amount of EUR45 M with an 8-year
  maturity
* A US PP governed by French law and denominated in euros with a North American
  investor, for a total amount of EUR50 M for an average maturity of 10 years
  and a final payment due in 12 years.

The weighted average rate of financing is lower than 1.5% (before hedging costs
and transaction costs), which allows the Group to reduce the cost of financing
this EUR200 million tranche by more than EUR6 million as of financial year
2017-2018. In 2016-2017, the Group will assume a carrying cost related to this
operation of slightly more than EUR1 million.

2 - Syndicated loan (RCF - revolving credit facility) of EUR250 M amended

In parallel, the Group also amended its syndicated revolving credit facility
(10 banks / 6 banking groups), revisiting the margins and adding two extension
options of one year each (May 2022 and May 2023). The amount of the RCF is now
based on EUR250 million.

In completing these transactions, Compagnie des Alpes further reinforces its
financing structure and allows the Group to achieve several objectives:

* A significant reduction in the cost of net debt - by more than 40% - as of
  2017-2018 (financial year 2016-2017 bears the cost of the 2017 bond until it
  expires and the carrying cost of the new financing)
* A significant extension of the average debt maturity with repayments
  extending to 2029 (12 years)
* A better repayment maturity spread
* Diversification of its sources of financing.

In addition, the Group maintains the simplified contractual framework acquired
in 2014, based on a single covenant, which is unchanged.

This transaction does not impact the terms of the EUR100 M bond issued in May
2014 maturing in May 2024 (coupon rate of 3.504%).

For these operations, Compagnie des Alpes was advised by Redbridge Debt &
Treasury Advisory and the firm Herbert Smith Freehills Paris LLP. For the club
deal, Crédit Agricole Corporate And Investment Bank acted as documentation
agent, BNP PARIBAS is the lending agent, and Allen&Overy the bank advisor.

For the two privately placed bonds, the investors were advised by Kramer Levin
Naftalis & Frankel LLP (EuroPP) and CMS Bureau Francis Lefebvre (USPP).

Upcoming events:

* 2Q 2016/2017 sales: Thursday, April 20, 2017, after stock market close
* 1S 2016/2017 results: Tuesday, May 23, 2017, before stock market open

www.compagniedesalpes.com

Since it was founded in 1989, Compagnie des Alpes has established itself as an
uncontested global leader in the leisure industry, where it currently ranks
number 10 worldwide. At the helm of 11 of the world's most prestigious ski
resorts (Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes,
Méribel, Serre-Chevalier, etc.) and13 renowned leisure destinations (Parc
Astérix, Grévin, Walibi, Futuroscope, etc.), the company is steadily
expanding in Europe (France, the Netherlands, Belgium, Germany, etc.) and, more
recently, at the international level (Grévin Montréal in April 2013, Grévin
Prague in May 2014, Grévin Seoul in July 2015 and engineering and management
assistance contracts (Russia, Morocco, Japan)). CDA also owns stakes in 4 ski
areas, including Chamonix.
During the financial year ended September 30, 2016, CDA facilities welcomed
almost 22.5 million visitors and generated consolidated sales of EUR720.2 M.
With almost 5,000 employees, Compagnie des Alpes works with its partners to
build projects that generate unique experiences, the opposite of a standardized
concept. Exceptional leisure activities for everyone.

   CDA is included in the following indices: CAC All - Shares, CAC All -
                   Tradable, CAC Mid & Small et CAC Small.
  ISIN: FR0000053324; Reuters: CDAF.PA ; FTSE: 5755 Recreational service

Contacts:

Compagnie des Alpes : Denis HERMESSE     +33 1 46 84 88 97
                                         denis.hermesse@compagniedesalpes.fr
                      Sandra PICARD      +33.1 46 84 88 53
                                         sandra.picard@compagniedesalpes.fr
                      Alexis d'ARGENT    +33 1 46 84 88 79
                                         alexis.dargent@compagniedesalpes.fr

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