United Group announces successful refinancing of Senior Secured Notes due 2026

In addition to refinancing the above-mentioned Notes, the proceeds from the offering will be used to repay the drawn amounts outstanding under the existing Super Senior Revolving Credit Facility, it said in a press release.

Following this refinancing, net leverage will remain unchanged at United Group BV.

The new 7-year Senior Secured Notes will pay a coupon of 6.500%, and are assigned a B2 rating by Moody’s and B by S&P.

Janez Zivko, United Group’s Vice President Finance, commented:

“We are delighted with the strong demand for our new 7-year €750 million Notes. This transaction is in line with our financing strategy, aimed at proactively addressing near-term debt maturities and establishing a robust, long-term financing structure. The refinancing comes on the back of persistent growth in revenues and adjusted EBITDAal of 28% and 25% CAGR respectively over the 2015–2023 period, driven by a combination of organic development and acquisitions. It also follows an oversubscribed €1.73 billion refinancing round in January 2024.”