Criteo gets replacement €407 million multicurrency revolver

By Mary-Katherine Stinson

Lexington, Ky., Sept. 28 – Criteo SA, as borrower and guarantor, with subsidiaries Criteo Technology SAS and Criteo Corp. as additional borrowers entered into a multicurrency revolving facility agreement on Sept. 27 establishing a new €407 million ($394,383,000) multicurrency revolving loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures on Sept. 27, 2027 subject to two potential extensions of 364 days each.

Borrowings will either bear interest based on SOFR or Euribor plus a margin and a credit spread adjustment for dollar loans. The margin will be between 75 basis points and 115 bps. The initial margin is 75 bps.

The credit spread adjustment is 11.448 bps for one month, 26.161 for three months and 42.826 for a six-month term.

The margin varies on the basis of the leverage ratio.

Financial covenants require that the ratio of the company's consolidated total net debt to its adjusted consolidated EDITDA not exceed 3x.

There is an option to agree to sustainability-linked adjustments in the future.

The payment obligations of the other borrowers under the new credit agreement are guaranteed by the company in full pursuant to a French law guarantee.

Societe General is the agent.

BNP Paribas, Credit Lyonnais (LCL), HSBC Continental Europe and Societe General are the bookrunners and mandated lead arrangers.

Bank of Montreal Europe PLC, Citibank NA, London Branch and Credit Industriel et Commercial (CIC) are the mandated lead arrangers.

BNP Paribas is the coordinator and documentation agent.

Societe Generale and HSBC Continental Europe are the sustainability coordinators.

Proceeds will be used for general corporate purposes including any acquisition of shares, assets or businesses.

The new credit agreement replaced the company's existing €294 million ($284,886,000) multicurrency revolving facility agreement dated as of Sept. 24, 2015. The company paid off all outstanding fees under the terminated agreement.

Paris-based Criteo is an advertising company that provides online display advertisements.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.