"Redbridge's support enabled us to monitor our roadmap, our financing choices, and the negotiation of the terms and conditions of the various financings raised, in a strategic M&A context "
Engagement overview
- Support Worldline in the definition and implementation of its financing strategy for the Ingenico’s acquisition
- Propose a holistic approach to determine the optimal structure (disintermediated as well as bank financing)
Objectives
- Optimize the financing structure both in terms of cost of funding and qualitative / legal terms considerations
- Strengthen Worldline’s credit profile on the bond market
- Advise Worldline on Ingenico syndicated facility amendment and negotiations with banks
Results
- €2bn debt raised on public markets (€1bn straight bond, €600mn convertible bond, €400mn Neu CP)
- Competitive pricing conditions
- €450mn RCF amend and extend
- Change of borrower from Ingenico to Worldline
- Alignment with Worldline’s documentation
- Extend maturity, fixed margin
- Combined WL/Ingenico bank pool
Methodology
- Holistic approach to have a comprehensive overview of Worldline’s financing options
- Monitoring of market trends to ensure seizing the best market windows
- Monitoring of market trends to ensure seizing the best market windows
- RFPs management to obtain optimal terms on the RCF Amend & Extend
Value added by Redbridge
- Secured deals executions within short timeframes
- Provided guidance on financing strategy and fund raising timeline, in a constrained context of a strategic M&A transaction
- Designed a tailor-made tool to compare debt instruments mix and help decision making process
- Acted as 2nd party opinion to ensure optimized amount / tenor / pricing / structure flexibility balance