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.
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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.
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.
