Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3 (16 lettori)

salice02

salice02

Forumer storico
Douglas GmbH / Key word(s): Bond
Douglas GmbH: DOUGLAS will pay interest on PIK notes in cash
16.10.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

IR NEWS
Cash payment of interest on Kirk Beauty SUN notes on the back of strong cash generation
DOUGLAS will pay interest on PIK notes in cash
  • Interest payment on Kirk Beauty SUN notes will be paid in cash for the first time since the successful refinancing in 2021
  • Cash coupon of 8.25% paid instead of PIK coupon of 9.00%
  • Robust liquidity level allows for change in payment pattern
  • Mark Langer, CFO of DOUGLAS Group: “DOUGLAS has always stated that interest on the Kirk Beauty SUN notes will be PIK’ed until our liquidity buffer and projections give us confidence that we can pay cash interest.”
  • Full year figures for 2022/23 (October 2022 - September 2023) will be published on 20 December 2023
Düsseldorf, 16 October 2023 – DOUGLAS, Europe’s leading omnichannel beauty destination, will start to pay cash interest on its Kirk Beauty SUN notes starting with the payment date 16 October 2023. This shift has two positive effects for DOUGLAS: first, the gross debt will not increase any further which supports DOUGLAS on its deleveraging path. Second, the cash interest rate is at 8.25% and thereby 75 basis points lower than PIK interest rate which represents interest cost savings of more than 4 million Euro per year in addition to the ceasing compound effect from PIK interest.
“Our third quarter results already showed the strong cash generation of DOUGLAS even in a still challenging economic environment”, said Mark Langer. “With this switch to cash interest payment we underline our ambition to deleverage DOUGLAS not only by growing our EBITDA, but also by keeping the gross debt stable.”
The cash interest was paid today, the next payment date is 15 April 2024.
 

fabriziof

Forumer storico
salice02 ha scritto:
Douglas GmbH / Key word(s): Bond
Douglas GmbH: DOUGLAS will pay interest on PIK notes in cash
16.10.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

IR NEWS
Cash payment of interest on Kirk Beauty SUN notes on the back of strong cash generation
DOUGLAS will pay interest on PIK notes in cash
  • Interest payment on Kirk Beauty SUN notes will be paid in cash for the first time since the successful refinancing in 2021
  • Cash coupon of 8.25% paid instead of PIK coupon of 9.00%
  • Robust liquidity level allows for change in payment pattern
  • Mark Langer, CFO of DOUGLAS Group: “DOUGLAS has always stated that interest on the Kirk Beauty SUN notes will be PIK’ed until our liquidity buffer and projections give us confidence that we can pay cash interest.”
  • Full year figures for 2022/23 (October 2022 - September 2023) will be published on 20 December 2023
Düsseldorf, 16 October 2023 – DOUGLAS, Europe’s leading omnichannel beauty destination, will start to pay cash interest on its Kirk Beauty SUN notes starting with the payment date 16 October 2023. This shift has two positive effects for DOUGLAS: first, the gross debt will not increase any further which supports DOUGLAS on its deleveraging path. Second, the cash interest rate is at 8.25% and thereby 75 basis points lower than PIK interest rate which represents interest cost savings of more than 4 million Euro per year in addition to the ceasing compound effect from PIK interest.
“Our third quarter results already showed the strong cash generation of DOUGLAS even in a still challenging economic environment”, said Mark Langer. “With this switch to cash interest payment we underline our ambition to deleverage DOUGLAS not only by growing our EBITDA, but also by keeping the gross debt stable.”
The cash interest was paid today, the next payment date is 15 April 2024.
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