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 c. 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 28 January 2023 showed a significant improvement. The Syndicated Bank RCF has a limit of EUR 500 million. The weighted average interest cost of the Group debt financing amounted to 3.4% and the weighted average maturity of the Group’s gross term debt is 3.5 years.
Status: January 28, 2023.
FINANCING_FACILITIES
| January 2023 €m | July 2022 €m |
| Syndicated Bank RCF | (294.7) | (398.5) |
| Schuldschein | (17.2) | (17.8) |
| Gross term debt | (311.9) | (416.3) |
| Upfront borrowing costs | (6.0) | (6.6) |
| Term debt, net of upfront borrowing costs | (305.9) | (409.7) |
| Cash and cash equivalents | (185.9) | (245.8) |
| Net debt excluding leases | (120.0) | (163.9) |
| Leases | (122.2) | (126.1) |
| Net debt | (242.2) | (290.0) |
Hybrid Funding
The total outstanding hybrid funding incl. accrued dividends for the period ended 28 January 2023 showed an amount of EUR 805.1 million.
Status: January 28, 2023.
HYBRID_FUNDING
| Instrument | Coupon | Coupon rate if not called | H1 2023 €m |
| CHF 400m | 7.0% | 6.045% +SARON 3 months compound rate | (399.0) |
| EUR 200m | 6.8% | 6.77% +5 Year EUR Swap Rate | (200.0) |
| CHF 190m | 4.9% | 4.123% +SARON 3 months compound rate | (189.5) |
| Hybrid principal outstanding at 28 January 2023 exchange rates | (788.5) |
| Hybrid instrument accrued dividends | (16.6) |
| Total Hybrid funding outstanding at 28 January 2023 exchange rates | (805.1) |
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).