Clariane Launches a €333M Hybrid Bond Issue to Refinance Its Debt
Clariane announced on Monday the launch of a €333 million offering of perpetual subordinated hybrid bonds, aimed at refinancing its perpetual convertible bonds ODIRNANE.
Refinancing through Hybrid Bonds with a Revisable Fixed Rate
The personal services group is initiating an offering of hybrid bonds with a nominal amount of €333 million, featuring a revisable fixed rate and a non-call period of three years. This issuance aims to fully repay the non-subordinated and convertible perpetual bonds ODIRNANE, with a total nominal amount of €332.5 million.
The gross proceeds from the offering will be used in conjunction with the issuer's available cash to honor this repayment and cover the costs and expenses related to the refinancing. Any proceeds not immediately used will remain on Clariane's balance sheet until they are utilized for the repayment of the ODIRNANE bonds.
Equity Classification According to IFRS Standards
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The bonds will be fully accounted for as equity according to IFRS standards for the purposes of the group's consolidated financial statements. An application will be made for the bonds to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market of Euronext Dublin.
The completion of the offering remains subject to market conditions.
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.
