Financing Information
Financing Facilities and Hybrid Funding
ARYZTA is focused on the continued deleveraging of its balance sheet. This will be primarily enabled through operating free cash generation. The medium term target is to reduce total net leverage to below 3x (incl. hybrid funding) by the end of 2025. ARYZTA’s balance sheet financing currently comprises bank debt and hybrid funding.
Financing Facilities
ARYZTA net debt evolution (without hybrids) for the period ended 31 December 2023 showed continued improvement. The Syndicated Bank RCF has a limit of EUR 500 million. In October 2023, the Group drew down on a new CHF71.8m and €60.0m term loan facility, at the same interest and maturity terms as existing RCF. The weighted average interest cost of the Group debt financing amounted to 4.1% and the weighted average maturity of the Group’s gross term debt is 2.75 years.
Status: December 31, 2023.
FINANCING_FACILITIES
| December 2023 €m | July 2022 €m |
| Syndicated Bank RCF | (337.2) | (398.5) |
| Term loan | (136.9) | - |
| Schuldschein | - | (17.8) |
| Gross term debt | (474.1) | (416.3) |
| Upfront borrowing costs | 5.3 | 6.6 |
| Term debt, net of upfront borrowing costs | (468.8) | (409.7) |
| Cash and cash equivalents | 103.9 | 245.8 |
| Net debt excluding leases | (364.9) | (163.9) |
| Leases | (125.9) | (126.1) |
| Net debt | (490.8) | (290.0) |
Hybrid Funding
The total outstanding hybrid funding incl. accrued dividends for the period ended 31 December 2023 showed an amount of EUR 510.0 million.
Status: December 31, 2023.
HYBRID_FUNDING
| Instrument | Coupon | Coupon rate if not called | 2023 €m |
| CHF Hybrid 325.4m | 7,76% | 6.045% +SARON 3 months compound rate | (348.7) |
| CHF Hybrid 144.3m | 5.92% | 4.213% +SARON 3 months compound rate | (154.6) |
| Hybrid principal outstanding at 31 December 2023 exchange rates | (503.3) |
| Hybrid instrument accrued dividends | (6.7) |
| Total Hybrid funding outstanding at 31 December 2023 exchange rates | (510.0) |
Copies of the Prospectuses are available at UBS AG, Prospectus Library, P.O. Box, CH-8098 Zurich, Switzerland, or can be ordered by telephone (+41-44-239 47 03) or by e-mail (swiss-prospectus@ubs.com).