Clariane signs a €700 million revolving credit facility maturing in 2031
The personal services group has implemented new bank financing that replaces its existing syndicated credit line.
The transaction comes shortly after the completion of a €500 million senior bond placement on September 8, 2026.
A €700 million revolving credit facility over five years, expandable to €900 million
Clariane announced on September 21, 2026 the signing of a €700 million revolving credit facility, unsecured and unguaranteed, which replaces its existing syndicated credit line.
This new financing has a maturity of five years and matures in 2031. It includes an accordion option allowing the amount of the facility to be increased to €900 million.
The facility can be used to finance the general needs of the group, including capital expenditure and the refinancing of existing financial debt, excluding hybrid debt.
Rate indexed to EURIBOR and ESG margin adjustment
Drawings on this facility bear interest at a variable rate equal to EURIBOR plus a margin of between 1.75% and 3.50%. The applicable margin is determined according to the group's total net leverage ratio (the ratio between consolidated net debt and consolidated EBITDA, excluding IFRS 16 liabilities).
This is supplemented by a margin adjustment mechanism linked to ESG criteria, which can reduce or increase the margin by up to 6 basis points per year, based on performance measured against three key indicators: the number of employees enrolled in a qualifying training program, the frequency rate of work-related accidents resulting in lost time, and the percentage of establishments certified ISO 9001.
Progressive leverage covenant and restrictions on distributions
The financial covenant is limited to the group's total net leverage ratio, tested semi-annually, which must not exceed 7.00x until June 2027, with a progressive reduction to 6.75x in December 2027, 6.50x in June 2028, 6.25x in December 2028 and then 6.00x from June 2029 onwards. No liquidity maintenance covenant applies.
The facility contains customary distribution restrictions, including a limitation on annual dividend distributions to 7% of Clariane's market capitalization, provided that the consolidated net leverage ratio does not exceed 4.5x.
As of June 30, 2026, "Wholeco" leverage stood at 4.9x. Pro forma the repayment of the ODIRNANE, it would have reached 5.4x.
