Clariane Launches a €230 Million Bond Issue to Refinance Its Hybrid Debt
Clariane announces the launch of an offering of additional senior bonds with a nominal amount of €230 million, bearing an interest rate of 6.875% and maturing in 2031.
The group plans to use the net proceeds from the offering to refinance its non-convertible perpetual green hybrid bonds with a total nominal amount of £200 million issued in June 2021, currently carrying an annual coupon of 13.168%.
Assimilation to Existing Bonds and Covenant Adjustment
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The Additional Bonds will have the same terms as the Existing Bonds issued under the issuance agreement of April 16, 2026 (nominal amount of €500 million, same rate of 6.875%, same maturity of 2031) and will be assimilated with them to form a single series. They will carry the same ISIN and common code and will be fungible with the Existing Bonds. Clariane has obtained the agreement of its banking partners to refinance its hybrid instruments in debt rather than equity, subject to a 'Wholeco' leverage below 6.0x (compared to 5.0x previously). With a leverage at 5.1x as of December 31, 2025, the company has this possibility. Pro forma of the refinancing and the issuance of the Existing Bonds, the 'Wholeco' leverage as of December 31, 2025 would be set at 5.5x. The levels of financial covenants have been adjusted and are now set at 7.5x as of June 30, 2026, 7.0x as of December 31, 2026, and June 30, 2027, 6.5x as of December 31, 2027, and June 30, 2028, then 6.0x from December 31, 2028 onwards. The targets related to 'Wholeco' financial leverage are mechanically adjusted to be below 5.5x as of December 31, 2026, and around 5x by the end of 2028.
SectorServices et infrastructure de santé›Etablissements de santé / EHPAD
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 2 699 millions d'euros
Quarterly revenue: 2 699 millions d'euros
Revenue growth: 1,6 %
EBITDA: 524 millions d'euros
EBITDA margin: 10,4 %
Net income: -47,5 millions d'euros
Free cash flow: 20 millions d'euros
3 020 millions d'euros
Guidance from the release
Le Groupe s'appuiera principalement sur la poursuite de l'amélioration de la performance opérationnelle et le maintien d'une stricte discipline d'investissements
Risks mentioned
Environnement géopolitique complexe affectant les opérations de refinancement
Exposition aux épisodes climatiques frappant durement certains territoires en Europe
Pression inflationniste continue sur les coûts opérationnels malgré les gains tarifaires
Opportunities identified
Amélioration de la marge EBITDA de 100-150 points de base d'ici fin 2026
Croissance des volumes d'activité portée par l'augmentation progressive des taux d'occupation
Refinancement réussi de €1 063m renforçant la flexibilité financière et réduisant le coût de la dette
Outlook / guidance
Expected revenue: 5 522 millions d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
