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Viridien raises $925 million to refinance its debt

Viridien S.A. has completed a $925 million senior secured bond issuance to refinance its second-lien debt and strengthen its liquidity profile. Rating agencies have upgraded their assessments following this transaction.

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Viridien S.A. has announced the successful issuance of its senior secured bonds, consisting of $450 million with an interest rate of 10% and €475 million at 8.5%, both maturing in September 2030. These bonds, issued at par, are secured by certain subsidiaries of the group.

Balance sheet strengthening and debt reduction

The transaction includes a $125 million super senior revolving credit facility, benefiting from the same security package as the issued bonds. The proceeds, combined with available cash, will be used to redeem second-lien bonds maturing in 2027, totaling $447 million and €578 million. This strategy aims to reduce gross debt and optimize the group’s liability structure.

Credit rating upgrades

Rating agencies adjusted their assessments following the transaction. Moody’s, S&P, and Fitch upgraded the bond ratings to B2, B, and BB-, respectively, representing a one-notch improvement over the existing bonds. Moody’s also announced a corporate rating upgrade to B2 from B3, while S&P assigned a positive outlook to its B- rating.

Maintaining strong liquidity

This bond issuance aligns with the group’s financial roadmap, which includes gradual deleveraging through cash flow surpluses. Viridien had already repurchased $60 million in bonds in 2024. The company aims to maintain a solid liquidity profile, supported by the increase in its revolving credit facility to $125 million and an operational cash balance of approximately $100 million. The extension of debt maturity further enhances the group’s financial visibility.

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