GN News

Sep 27, 2023

Another key milestone reached in GN's capital plan

As communicated on May 24, 2023, GN received firm commitments from its core banking group to upsize its loan facilities. Today, GN has successfully finalized these loan agreements. The agreements include an undrawn DKK 6.0 billion Term Loan Facility maturing in Q3 2026 (equivalent to a DKK 2.1 billion increase vs. the existing Term Loan) and an undrawn DKK 3.9 billion Revolving Credit Facility maturing in Q2 2027 (equivalent to a DKK 1.3 billion increase vs. the existing Revolving Credit Facility). With the finalization of the loan agreements, GN has successfully delivered on another key milestone in the capital plan.

GN's capital plan prepares for repayment of approximately DKK 7 billion debt that matures in 2024 and effectively pushes all material debt maturities to 2026.

Execution of the four pillars of the plan is progressing well.

The pillars are:

  • Equity:A directed issue and private placing of 17 million new shares and existing treasury shares executed on May 24, 2023, which generated DKK 2.6 billion net proceeds
  • Debt refinancing:DKK 2.1 billion new debt (EUR 280 million) via debt refinancing, replacing the existing DKK 3.9 billion (EUR 520 million) term loan maturing in 2025 with a new DKK 6.0 billion (EUR 800 million) term loan facility maturing in 2026; now completed
  • Disposals:DKK 1.0 - 2.0 billion to be generated by disposals of selected assets. The disposal of BelAudição completed on September 14, 2023, contributed DKK ~0.5 billion in net proceeds of the target
  • Operational measures: Cash at hand and positive free cash flow excl. M&A for 2023 and 2024 at Group level

Søren Jelert, GN Group CFO, says: "We are very pleased to finalize the earlier announced loan agreements, which are an important part of our capital plan. We are very happy to experience full support from a strong, diversified group of core banking partners which is a testimony to the strength of our business. We are looking forward to the continued close cooperation."

GN's new facilities were backed by BNP Paribas, Danske Bank, DNB, Jyske Bank, Nordea, Nykredit and SEB.

For further information, please contact:

Investor Relations
Anne Sofie Staunsbæk Veyhe +45 45 75 85 06
Rune Sandager +45 45 75 92 57

Media RelationsSteen Frentz Laursen +45 20 65 34 20

About GN
GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, we deliver technology that enhance the senses of hearing and sight. We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts.

GN was founded more than 150 years ago with a vision to connect the world. Today, inspired by our strong heritage, GN touches more lives than ever with our unique expertise and the broadest portfolio of products and services in our history - bringing people closer to what is important to them.

We market our solutions with the brands Jabra, ReSound, SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries. Founded in 1869, GN Group employs more than 7,500 people and is listed on Nasdaq Copenhagen (GN.CO).

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GN Store Nord A/S published this content on 27 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2023 17:16:19 UTC.