The new credit facility includes a financial covenant relating to the degree of indebtedness.
The new revolving credit facility of CHF 200 million replaced the existing agreement on 21 September 2015 and runs until June 2020. Kuoni Group initiated early refinancing of the existing revolving credit facility of CHF 209 million in the first half of 2015 to benefit from attractive conditions on the capital markets. The lenders are a syndicate of seven banks. The previous credit facility was agreed in 2011 and had a term running till June 2016.
The new credit facility includes a financial covenant relating to the degree of indebtedness. The maximum degree of indebtedness must not exceed 3.0 times, measured as the ratio between net debt and EBITDA. A minimum level of Group equity is no longer required. The interest to be paid is calculated on Libor plus a margin of between 0.85% and 2.15%.
Credit Suisse, in the role of “Facility Agent”, was responsible for coordinating the financing. The transaction was carried out together with the Luxembourg branch of Commerzbank Aktiengesellschaft and the London office of Citibank N.A. as “Mandated Lead Arrangers”. UBS Schweiz, Zurcher Kantonalbank, Basler Kantonalbank and Raiffeisen Schweiz Genossenschaft also took part in the transaction as lenders.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
