Daher Reimburses Its Loan Guaranteed by the French Government and Secures €180 Million in New Funding From Its Historic Partners as Well as New International Investors
PARIS, May 11, 2022 (Newswire.com) - Daher has completed the company's total reimbursement of the €110 million French government guaranteed loan (Prêt Garanti par l'État, PGE) granted in June 2020, while also securing funding of €180 million from new American investors and from its banking pool. These two new operations illustrate the confidence of Daher's financial partners in the company's management of the consequences stemming from the COVID-19 crisis - which demonstrated its strong rebound capacity - while also taking into account the strengthening of its presence in the United States.
In June 2020, Daher obtained a loan of €170 million from its historic banking pool, guaranteed by the French government. This funding made it possible to cover the company's cash needs as well as the implementation of its transformation plan that is aimed at positioning Daher as a recognized player in its markets at the time of recovery.
Two years later, after having quickly and successfully carried out its restructuring plan, Daher was able to finalize the PGE total's reimbursement - the initial €60 million portion of which already had been reimbursed in June 2021 - based on the good performance of its aircraft manufacturing and logistics activities following the strong resumption of global activity and the positive recovery of air traffic.
This €180 million refinancing - including €105 million in the form of a U.S. private placement with a pool of new American investors, and €75 million in loans from its banking pool - illustrates the confidence that benefits Daher in terms of the company's activities, its strategic choices and governance.
The initial amount of €150 million was oversubscribed at a total of €180 million, enabling an extension of the loan's duration, thereby providing Daher with additional means for its strategy as a consolidator in the sector.
Didier Kayat, Daher's Chief Executive Officer, stated, "Beyond the recognition of the good management at Daher during the COVID-19 crisis, we were able to convince our historic investors - as well as new American investors - of our realistic prospects, particularly the project to acquire a facility in Florida that produces and assembles large aerostructures and subassemblies. This confidence is based on Daher's solid foundations, as well as its innovation-focused corporate culture, along with its family shareholding and its governance."
Jean-Philippe Grégoire, the Daher Chief Financial Officer & Senior Vice President, Mergers & Acquisitions, added, "The PGE was a very useful tool while going through the crisis, but it was defensive in nature. With the Euro Private Placement in 2021 and the U.S. private placement in 2022, Daher benefits from much more flexible means that are adapted to its more offensive strategy."
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Source: Daher
