Vantiva Extends Its Credit Facilities Until 2030 and Prepares for a Convertible Bond Issue
Vantiva announced on Monday the extension of its credit facilities until 2030 and 2031, coupled with a plan to convert exit fees into subordinated debt. The group also plans to transfer its shares to the Euronext Growth Paris market and to issue convertible bonds, subject to shareholder approval.
Extension of Credit Facilities Until 2030-2031
Vantiva has secured the extension of its two main credit facilities, originally concluded in September 2022. The first lien (€250 million at Euribor + 4%) has been extended to April 2030, while the second lien (€125 million at Euribor + 8%) will now run until October 2030. Concurrently, the group has extended its asset-backed financing ($125 million USD) until June 2030. These extensions were accomplished without drawing new funds.
Conversion of Exit Fees into Convertible Subordinated Debt
The exit fees of approximately €20 million, which would have been payable in cash due to the amendment and extension of the contracts, will be transformed into a subordinated debt instrument with payment in kind, maturing in April 2031. Vantiva plans to issue convertible bonds intended to be subscribed by offsetting this subordinated debt, as part of a strategic package negotiated with its main lenders.
Transfer to Euronext Growth and Shareholder Approval Required
The group has agreed in principle to the transfer of the listing of its ordinary shares to the Euronext Growth Paris market. This transfer, as well as the issuance of the convertible bonds, remain subject to shareholder approval at a general meeting expected no later than October 2, 2026, as well as the obtaining of applicable legal, regulatory, and market authorizations.
