Quadient, a global automation platform, secured a $50 million bank loan from Bank of America. The company will use this new credit facility, which comes with a three-year maturity at a variable rate, to strengthen its financial position ahead of debt maturities due in 2025.
This new bank loan is subject to compliance with Quadient’s main financial covenants currently in place, notably a leverage ratio excluding leasing operations below 3.0x and group shareholders’ equity greater than €600 million. As of 31 July 2024, Quadient’s leverage ratio excluding leasing stood at 1.6x and group’s shareholders’ equity at €1,064 million.
“We are particularly pleased to have signed this credit facility with Bank of America, a long-term partner of the group,” Laurent du Passage, chief financial officer of Quadient, said. “By contributing to meet our debt refinancing timeline and optimize our financing conditions, this new bank loan is another step in the strengthening of Quadient’s financial profile.”
