WENDEL: Stahl has successfully achieved a process of Amend & Extend of its current debt facilities

Stahl has successfully achieved a process of Amend & Extend of its current debt facilities

Wendel welcomes the successful achievement of a process of Amend and Extend of the debt facilities of Stahl, the global leader in the specialty chemical treatment of leather, and high-performance coatings

This Amend and Extend enables an extension of maturities of its existing RCF and Term Loan A from December 2021 to September 2023 and its existing Term Loan B facility from June 2022 to December 2023. In addition, covenants have been temporarily increased until September 2021. It also provides Stahl with additional liquidity by rescheduling mandatory repayments on amortizing debt. In exchange for these improvements, margins have been increased by 50bps across the grid. As a result, Stahl cost of debt now stands at L+250bps and L+275bps across TLA and TLB tranches respectively.

This successful transaction has been secured with 15 banking partners that have been lenders of Stahl since 2016 at least.

As of June 30, 2020, Stahl’s net debt to EBITDA ratio was 2.1x as per credit documentation.

Wendel is a major shareholder of Stahl with 67.5% of the share capital.

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• 20200802_Wendel_Stahl