Date Announced: 02 Dec 2020
French photonics and laser company secures Euro PP and bank financing to support expansion plans.
The LUMIBIRD Group, the European leader for laser technologies, is announcing that it has set up €100m of bank financing and completed a €40m Euro PP social impact bond issue. With these financing facilities, the LUMIBIRD Group has increased its capacity for investment by over €100m and aims to double its revenues between 2020 and 2023. This target is based on organic growth for one third and external growth for two thirds.
This financing brought together bank lenders and bond investors. Alongside traditional financial covenants, the Euro PP bond includes two “impact” covenants, which contractually set out the borrower’s commitment to:
increasing the percentage of employees with disabilities at the various sites in France each year
The financing rate will be adjusted based on compliance with these impact covenants through to the loan’s maturity.
Part of the financing was drawn down today on closing, with the balance to be released within 12 or 24 months depending on the pace of acquisitions.
These new lines made it possible to clear the €35m line set up in June 2019, while putting in place €105m of new capacity for financing external growth, alongside the cash position of over €78m at June 30, 2020.
This financing was set up under very attractive conditions (average rate of around 2.4%), and the amount and the timeframe for the commitment made by the lenders confirm the Lumibird Group’s strong credit rating and its robust development model through organic and external growth.
E-mail: via web site
Web Site: www.lumibird.com