Latest news with #RevolvingCreditFacility
Business Wire
12 hours ago
- Business
- Business Wire
ams OSRAM Posts Solid Q2 Results at the Midpoint of the Guidance Despite Currency Headwinds and Executes First Steps of Its Accelerated Deleveraging Plan
PREMSTAETTEN, Austria & MUNICH--(BUSINESS WIRE)-- ams OSRAM delivers 18.8 % adj. EBITDA at revenues of EUR 775 m in Q2, confirms 2025 FCF outlook above EUR 100 m and executes first steps of its accelerated deleveraging plan 'We showed a solid performance in Q2 in a still difficult market with good profitability on the back of rapid implementation of 'Re-establish-the Base' and preproduction for the second half, as well as a very good design-win momentum securing future semiconductor business. We continue to expect a stronger second half although the weaker US Dollar weighs on topline results and tariffs discussions instigate continuously uncertainty.' said Aldo Kamper, CEO of ams OSRAM. ' Our plan to accelerate our balance sheet deleveraging is unfolding. The extension of the Revolving Credit Facility, the private placements of additional 2029 senior notes to prefinance long-term any bulk exercises of OSRAM minority put options and to re-purchase 2027 convertible bonds, but especially the first disposal for reducing leverage show that we keep track in executing our finance milestones as well.' said Rainer Irle, CFO of ams OSRAM. Q2/25 business and earnings summary 1) Adjusted for microLED strategy adaption expenses, M&A-related, other transformation and share-based compensation costs, results from investments in associates and sale of businesses. 2) Basic and diluted earnings per share for the comparative period were adjusted following the reverse share split on 30 September 2024. Expand Group revenues came in exactly at the midpoint of the guided range of EUR 725 – 825 million. Reported revenues declined by 5 % quarter-over-quarter due to a meaningful automotive-lamps aftermarket inventory correction at US retail chains on top of normal seasonality and a significantly weaker USD. At a constant EUR/USD exchange rate, revenues would have been approx. EUR 35 million higher. Year-over-year, group revenues declined by 5% mainly driven by the weaker US dollar, the discontinued non-core semiconductor business and the inventory correction in automotive LEDs. Like-for-like, at a constant EUR/USD exchange rate and only considering the core portfolio, revenues would have been up by approx. 2 %. Adj. EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) came in slightly higher than the midpoint of the guided range of 18.5 % +/-1.5 %. Some one-offs (part of the Q2 guidance), such as government and customer funding catch-up, contributed positively. Adj. net result came in positive at EUR 18 million. The typical, recurring quarterly adjustments of transformation cost, purchase price allocation and share based compensations were reduced by a one-time positive effect from the settlement of a decades long lawsuit regarding the misappropriation of trade secrets by a counterparty. IFRS net result came in slightly positive at EUR 1 million. Implementation of balance sheet improvement plan On 30 April 2025, the company announced its accelerated, comprehensive plan to de-leverage its balance sheet including assessing the sale of business assets for well above EUR 500 million. To date, the company has implemented the first elements of the plan, namely 03 July 2025, extension of the EUR 800 m Revolving Credit Facility (RCF) by another year until September 2027 23 July 2025, private placement above par of principal amount of EUR 200 m 10.5 % and USD 350m 12.25 % senior notes due in 2029 to prefinance long-term OSRAM minority put option bulk exercises (approx. EUR 350m) and buy back 2027 convertible bonds (approx. EUR 150m) 29 July 2025, sale of Entertainment & Industrial Lamps business for EUR 114 m (on a cash-and-debt-free basis) as first disposal under the deleveraging plan, closing expected in Q1/2026 Upon completion, the plan will reduce the net-debt / adj. EBITDA leverage ratio below 2, minimize the amount to be refinanced, reduce the interest expenses to below EUR 100 million annually and thereby strengthen the operating cash flow further. Q2/25 Cash generation & balance sheet update 1) contingent liability part of 'other financial liabilities' Expand Free cash flow – defined as operating cash flow including net interest paid minus cash flow from CAPEX plus proceeds from divestments – came in slightly negative as the company preproduced inventory for the scheduled business ramp-up in H2 and also paid out annually recurring items. However, the company expects meaningful cash inflows from subsidies by the Austrian government under the European Chips Act already notified by the European Commission later in the year. The net debt position slightly increased to EUR 1,570 million quarter-over-quarter after EUR 1,484 million in the previous quarter, mainly due to a change in the cash-on-hand position. In view of approx. EUR 60 million exercised put options of OSRAM minority shares in H1, the company drew EUR 50 m of the RCF (that is in place for larger put option exercises) in order to keep an adequate cash balance. By now, the drawn RCF portion has already been paid back using some proceeds of the private placement of additional senior notes on 23 July 2025. The equivalent value of the Sale-and-Lease Back (SLB) Malaysia transaction decreased by EUR 9 million due to a net effect of quarterly accrued interest and MYR exchange rate swings. The Group held approx. 88 % of OSRAM Licht AG shares end of Q2/25. The company has an EUR 800 million Revolving Credit Facility (RCF) in place that was just extended by another year until September 2027. The RCF is primarily in place to cover any further significant exercises under the 'domination and profit and loss transfer agreement (DPLTA)' put option and the undrawn part would be sufficient to fully cover all outstanding minority shareholder's put options. It can also be drawn for general corporate and working capital purposes. Semiconductor Business Semis were approx. 76 % of Q2/25 group revenue or EUR 582 million, compared to EUR 596 million a year ago, mainly driven by inventory correction in the automotive LED supply chain and the phase-out of non-core businesses in conjunction with 'Re-establish the Base' contributing with a close to mid double-digit million EUR a year ago. Growth in the core portfolio, especially with new sensor products, made up for the divested or discontinued non-core portfolio. Like-for-like, at a constant EUR/USD exchange rate and only considering the core portfolio, revenues would have been up by approx. 7 % - in line with the mid-term target growth corridor of the semiconductor target operating model. Optical Semiconductors (OS) A seasonal upswing in horticulture and slightly increased sales in Automotive led the quarter-over-quarter improvement. Adj. EBITDA increased to EUR 79 million compared to Q1 on the back of gross profit fall through, EUR/USD exchange rate effects and catch-up from government and customer fundings. CMOS Sensors & ASICs (CSA): Revenues remained essentially flat quarter-over-quarter. Demand for components for consumer handheld devices was slightly stronger than the typical seasonal trend and sales into industrial & medical applications improved. Adjusted EBITDA improved by EUR 10 million in Q2/25 compared to the previous quarter driven by an improved factory loading in anticipation of product ramp-ups in H2/25. The adjusted EBITDA Margin came in almost twice as high than a year ago thanks again to the structural savings from the 'Re-establish the Base' program. Semiconductors industry dynamics Automotive: Business improved quarter-over-quarter against the backdrop of an inventory correction in the LED semiconductor supply. During the quarter, book-to-bill ratio remained above 1. Year-over-year, auto revenues came in 9 % lower, showing the inventory adjustments in opto-electronic products due to demand uncertainties seen by Tier-1 and OEM customers. Industrial & Medical (I&M): End-markets started to show some momentum resulting in 21 % quarter-over-quarter improvement in the I&M business, led by typical seasonal upswings in various verticals, such as horticulture. The professional lighting end-market was also resilient helped by consolidation trends that allow the company to win market share. Industrial automation is still on a low level and the mass market showed a regionally differing performance with Europe and Americas improving. In medical first signs of a gradually improving ordering pattern are visible. Consumer: Demand for new products and for consumer portable devices in general remained resilient in view of the typical seasonal decline in every second calendar quarter of a year. Year-over-year, revenues increased by a strong 15 % due to a strong contribution of new products, despite a lower double-digit million contribution from non-core products a year ago that were phased-out by December 2024. Lamps & Systems Business (traditional auto & industrial lamps) Lamps & Systems represented approx. 24 % of Q2/25 revenues. The significant quarter-over-quarter and year-over-year step down was primarily driven by an inventory adjustment at US aftermarket retail chains. Some weakness in the European market and the weaker US dollar against the Euro also contributed. Revenues in Specialty Lamps slightly declined quarter-over-quarter in line with normal seasonal trends. Adj. EBITDA dropped in line with factory utilization and product mix with the backdrop of an elevated figure in the first quarter as a result of one-time effects. Guidance for the third quarter 2025 The company expects for its semiconductor business: Automotive: improved demand on the back of market normalization (likely end of the LED inventory correction) and new business ramp-ups. Industrial and medical: modest development as green shoots seen at end-customer's business needs to translate into normalized inventory levels. Consumer: typical strong upswing in the seasonally strongest quarter. Combined, the semiconductor business is expected to follow its typical pattern with a strong third quarter slightly weaker than a year ago due to the weaker USD. The company expects for its traditional auto lamps business that the sales into the aftermarket channel will improve with the annual 'lighting season' beginning end of the summer. As a result, the Group expects third quarter revenues to land in a range of EUR 790 – 890 million assuming a EUR/USD exchange rate of 1.16. The impact of the weaker USD on revenues compared to the start of the year is of the order of mid-double digit million Euro. Quarter-over-quarter the impact is approx. EUR 15 million. The company expects adj. EBITDA to come in at 19.5 % +/-1.5 % on the back of seamless execution ahead of plan of its Re-establish the Base strategic efficiency program. FY 2025 commentary The company expects a stronger second half mainly due to product ramp-ups and seasonality. Uncertainties persist in view of potential impacts to global car production, smartphone sales, or other impact to GDP, following the recent introduction or announcement of elevated tariffs in the US and in particular changes in the EUR/USD exchange rate. The company expects improving profitability driven by its 'Re-establish the Base' program even in case of lower predictability of its topline. CAPEX is expected to land below 8 % of sales(including capitalized R&D and expected investment grants, e.g. from the European Chips Act). The company expects positive free cash flow (incl. net interest paid) exceeding EUR 100 million. Additional Information Additional financial information for the second quarter 2025 is available on the company website. The second quarter 2025 investor presentation incl. detailed information is also available on the company website. ams OSRAM will host a press call as well as a conference call for analysts and investors on the second quarter 2025 results on Thursday, 31 July 2025. The conference call for analysts and investors will start at 9.45 am CET and can be joined via webcast. The conference call for journalists will take place at 11.00 am CET.
Business Wire
6 days ago
- Business
- Business Wire
Sprouts Farmers Market, Inc. Revises Credit Facility
PHOENIX--(BUSINESS WIRE)--Sprouts Farmers Market, Inc. (Nasdaq: SFM) today announced the closing of a $600 million revolving credit facility (the 'Revolving Credit Facility') under a credit agreement dated as of July 25, 2025. The Revolving Credit Facility refinances the company's previous $700 million revolving credit facility, which was replaced in connection with Sprouts' entry into the Revolving Credit Facility. The Revolving Credit Facility contains terms and conditions substantially similar to the company's previous facility, with a commitment expiration date of July 2030, revised pricing terms for loans and commitments thereunder, and additional covenant flexibility. At closing, Sprouts had no outstanding borrowings and letters of credit of $23 million outstanding under the Revolving Credit Facility, with a remaining availability of $577 million. 'While we plan to continue to fund operations and unit growth through our robust cash flow generation, this facility provides Sprouts with financial flexibility as we grow,' said Curtis Valentine, chief financial officer of Sprouts. JPMorgan Chase Bank, N.A., acted as administrative agent, issuing bank, and swingline lender. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and PNC Capital Markets LLC acted as joint lead arrangers and joint bookrunners, Truist Bank and PNC Bank, National Association, acted as co-syndication agents, and Bank of America, N.A., BMO Bank, N.A., and U.S. Bank, National Association acted as co-documentation agents. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, among others, our plans regarding unit growth and cash flow generation as well as our company growth. Forward-looking statements are based on our beliefs as well as assumptions made by, and information currently available to, us. The risks and uncertainties to which the forward-looking statements are subject include, without limitation, adverse impacts due to general economic conditions that impact consumer spending or result in competitive responses, our ability to maintain or improve our operating margins, and other risks detailed in the 'Special Note Regarding Forward-Looking Statements,' 'Risk Factors,' and other sections of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Except as required by applicable law or regulation, we disclaim any obligation, and do not intend, to publicly update or review any of our forward-looking statements, whether as a result of new information, future events, or otherwise. Corporate Profile True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 35,000 team members and operates more than 450 stores in 24 states nationwide. To learn more about Sprouts, and the good it brings communities, visit
Business Upturn
19-07-2025
- Business
- Business Upturn
Gray Announces Revolving Credit Facility increase to $750 million and extension to 2028
By GlobeNewswire Published on July 19, 2025, 01:31 IST ATLANTA, July 18, 2025 (GLOBE NEWSWIRE) — Gray Media, Inc. ('Gray' or the 'Company') (NYSE: GTN) today announced that it has (i) increased the aggregate commitments under its revolving credit facility (the 'Revolving Credit Facility') by $50 million, resulting in aggregate commitments under the Revolving Credit Facility of $750 million, and (ii) extended the maturity date of the Revolving Credit Facility from December 1, 2027 to December 1, 2028. In connection with the amendment and the previously announced offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the 'Notes'), there is $700 million of undrawn availability under the Revolving Credit Facility (excluding approximately $8 million of outstanding letters of credit). The Revolving Credit Facility is available on a revolving basis. The Company also repaid $402.5 million of its term loan F due June 4, 2029 (the 'Term Loan F') with the net proceeds from the Notes, leaving an outstanding Term Loan F balance of $90 million and satisfying all of the Company's mandatory amortization payments prior to maturity. About Gray: Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation's largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray's additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit Gray Contacts: Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828 Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333 # # # Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Business Wire
14-07-2025
- Business
- Business Wire
The GEO Group Amends Senior Revolving Credit Facility
BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group, Inc. (NYSE: GEO) ('GEO' or the 'Company') announced today the closing of an amendment to the Company's Credit Agreement dated as of April 18, 2024 (the 'Amendment'). The Amendment increases GEO's Revolving Credit Facility (the 'Revolver') commitments from $310 million to $450 million and extends the Revolver's maturity to July 14, 2030. The Amendment further provides that interest will accrue on outstanding revolving credit loans at a rate determined with reference to the Company's total leverage ratio. As of today, revolving credit loans accruing interest at a SOFR based rate would accrue interest at the term SOFR reference rate for the applicable interest period plus 2.75% per annum, which is lower by 0.50% from the applicate rate prior to the Amendment. The Amendment also increases GEO's capacity to make restricted payments over the next five years. Prior to the closing of the Amendment, GEO repaid $132 million of the Term Loan B outstanding under the Credit Agreement. Further, as previously disclosed, GEO expects to use net proceeds from the sale of the GEO-owned Lawton Correctional Facility in Oklahoma, which is expected to close on July 25, 2025, to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Credit Agreement. These two transactions are expected to reduce GEO's total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns. George C. Zoley, Executive Chairman of GEO, said, 'We are pleased with this recent amendment to upsize and extend our Revolving Credit Facility, which is an important step to position our Company to consider potential future capital returns and support our future financial needs. This transaction also shows the growing support we are receiving from our existing and new banking partners. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.' About The GEO Group The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO's diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO's worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees. Use of forward-looking statements This news release may contain 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Zawya
09-07-2025
- Business
- Zawya
BB Energy successfully closes its global syndicated 1 Year Revolving Credit Facility at $375mln
BB Energy Group Holding Ltd. – known as BB Energy – a leading, globally integrated energy trading group, is pleased to announce the successful signing of its global flagship USD 375 million 1-Year Revolving Credit Facility (RCF). The 1-year RCF will be used to refinance the maturing facility signed in July 2024, as well as for general corporate purposes. The RCF includes a 1-year extension option, exercisable at BB Energy's request (at the discretion of each lender) and an accordion option up to USD 450 million. BB Energy is among the world's leading independent energy trading companies, with key trading offices in London, Singapore, Dubai, Houston, and Brussels and Geneva. The new facility was launched in primary syndication at USD 300 million on 14 May 2025 and following successful syndication and strong global demand from a range of international banks across continents, the facility was oversubscribed by 36%, exceeding USD 400 million of commitments, which were subsequently scaled back to USD 375 million in line with the Group's current liquidity needs. The banking pool is composed by 26 lenders which comprise a well-diversified Group of leading banks from the US, Europe, the Middle East, Africa and Asia. Jacques Erni, BB Energy's Chief Financial Officer, said: 'We are pleased to announce the successful closure of our 2025 Revolving Credit Facility, which was finalized at USD 375 million. This positive outcome reflects the confidence of our lending partners in BB Energy's financial strength, disciplined capital management, and growth prospects. 'We remain focused on maximizing the value created by our trading strategy and diversified asset portfolio, while upholding our principles of transparency, good governance and operational excellence. 'The transaction was supported by a syndicate of 26 lenders. We extend our sincere appreciation to our core relationship banks for their continued support, and we warmly welcome the new institutions joining our lending group.' Van Gemert, Head of Energy Commodities at CA Indosuez (Switzerland) SA remarked: 'We wish to warmly congratulate the BB Energy on the successful closure of this year's RCF and the BB Energy team who have been highly committed in providing transparency and open discussions with their banking pool. 'In spite of a bearish market environment, characterized by an increase in geopolitical tensions and trade tariffs, BB Energy is managing to navigate these challenges and continues to keep the trust of the banking industry. It is the result of a permanent and open dialogue with its core banking partners as well as an attractive pricing structure. Credit Agricole CIB, acting again as active Bookrunner and Mandated Lead Arranger, is thankful to BB Energy for having participated to this syndication success.' BMLAs, Early Birds The BMLAs were: Abu Dhabi Commercial Bank PJSC, Crédit Agricole Corporate and Investment Bank, First Abu Dhabi Bank PJSC, ING Bank N.V., Mashreqbank, Natixis Corporate & Investment Banking, Société Générale and UBS Switzerland AG. Banca UBAE, Bic-BRED (Suisse), Garanti Bank, HSBC, Nedbank, National Bank of Fujairah and Raiffeisen Bank International AG also joined the new facility as Early Birds prior to the bank meeting. Société Générale also acted as Syndication Coordinator, with ING Bank N.V. as Documentation Agent and Facility Agent, Abu Dhabi Commercial Bank PJSC, Crédit Agricole Corporate and Investment Bank, Natixis Corporate & Investment Banking, and First Abu Dhabi Bank PJSC being also Active Bookrunners of this new transaction. The following banks joined the 8 BMLAs in the facility: Mandated Lead Arrangers: 4 ABSA Group Limited National Bank of Fujairah PSJC Nedbank Limited, London Branch State Bank of Mauritius Ltd Lead Arrangers: 4 Banca UBAE S.p.A. Erste Group Bank AG HSBC UK Bank Plc Standard Bank Arrangers: 2 AKA Ausfuhrkredit-Gesellschaft mbH Citibank N.A., London Branch Co-Arrangers: 7 ABC International Bank Plc BIC-BRED (Suisse) Commercial Bank of Dubai DenizBank AG GarantiBank International N.V. Raiffeisen Bank International AG State Bank of India, DIFC Branch Participants: 1 Habib Bank Limited, Singapore Branch Overview of B.B. Energy Group Holding Ltd BB Energy was founded by the Bassatne Family in the 1960s; with an operational history of more than 60 years. Over the last decade, the Group has expanded its trading operations from the Mediterranean and is now considered one of the leading independently owned energy companies, globally. The Group is primarily engaged in trading Crude, refined oil products, LNG, LPG and is further diversifying into the Downstream space through BBE Downstream and into the Renewable space through the BB Energy Renewable Division and Solar Century Africa. While BB Energy remains a physical trader, it has invested in midstream , downstream, and Solar Battery assets to create a platform for further international expansion. Today, BB Energy is a dynamic independent energy trading company with key trading hubs in London, Brussels, Geneva, Dubai, Houston, and Singapore, and has approx. 410 professionals. During 2024, BB Energy achieved traded volumes of c.33 million tons of crude and petroleum products and gas which resulted in a turnover of approx. USD 23 billion. Press Contact B.B. Energy Group Holding Ltd. Name: Matthew Willey Title: Group Head of Corporate Affairs Email:
