Debt

€110m out of which €40m allocated to a bonding line

Multi-currency 

Revolving Credit Facility: Euribor 3 months + 400bps (0% floor) 

21 November 2030

• First-ranking security over collateral assets
• Pari passu with the Senior Secured Fixed Rate Notes dated 21/05/2026 
• Senior ranking over (i) 1.5L financings and (ii) 2L bank financings under the Intercreditor Agreement
• Following the full discharge of the remaining existing debt (i.e., the existing 1.5L debt and the 2L debt), the new revolving credit facility will be designated as having “super senior” status pursuant to a new super senior intercreditor agreement

35% of the applicable Margin

€840m

5.0% step-up cash interest + 4% adjusted redemption premium

6 years - December 2030, with bullet repayment at maturity

The 1.5L bonds include the following security:

• Intermediate-ranking (1.5 lien) security over collateral assets
• Senior secured over 2L financings; pari passu with 1.5L financings; and subordinated, except as otherwise provided, to 1L financing under the Intercreditor Agreement.

In particular, in the event of asset disposals, mandatory prepayment in accordance with the distribution waterfall set out in the Accelerated Safeguard Plan, subject to specific provisions of the 1.5L bonds and/or Intercreditor Agreement.

€137m

1% step-up cash interest + 4% adjusted redemption premium

8 years - December 2032, with bullet repayment at maturity

The 2L bonds include the following security:

• Subordinated-ranking (2nd lien) security over collateral assets
• Pari passu with 2L financings; subordinated to (i) 1L financings and (ii) 1.5L financings under the Intercreditor Agreement.

In particular, in the event of asset disposals, mandatory prepayment in accordance with the distribution waterfall set out in the Accelerated Safeguard Plan, subject to specific provisions of the 2L bonds and/or Intercreditor Agreement.

€751m

Euribor (0% floor) + 2.6% cash interest + 2.0% PIK interest

6 years - December 2030, with bullet repayment at maturity

The 1.5L term loan includes the following security:

• Intermediate-ranking (1.5 lien) security over collateral assets
• Senior secured over 2L financings; pari passu with 1.5L financings; and subordinated, except as otherwise provided, to 1L financing under the Intercreditor Agreement

In particular, in the event of asset disposals, mandatory prepayment in accordance with the distribution waterfall set out in the Accelerated Safeguard Plan, subject to specific provisions of the 1.5L term loan and/or Intercreditor Agreement

€228m

1% cash interest + 4% PIK interest

8 years - December 2032, with bullet repayment at maturity

The 2L term loan includes the following security:

• Subordinated-ranking (2nd lien) security over collateral assets
• Pari passu with 2L financings; subordinated to (i) 1L financings and (ii) 1.5L financings under the Intercreditor Agreement

In particular, in the event of asset disposals, mandatory prepayment in accordance with the distribution waterfall set out in the Accelerated Safeguard Plan, subject to specific provisions of the 2L term loan and/or Intercreditor Agreement.