Debt & Rating
Debt profile
As of June 30th 2024 Worldline Group net debt totaled € 1,696 Million.
On the scope of the continued operations, this amount was made up of:
- Cash and cash equivalents net of overdraft amounting to € 1,925 million.
- Gross debt recognized in the Group consolidated balance sheet net of overdraft up to € 3,621 million. Outstanding amount of current borrowings totaled € 981 million as of June 30th 2024. Non-current borrowings totaled € 2,640 million.
Average maturity: 1.95 years
(average maturity is the weighted average of bonds’ and commercial papers residual maturities)
Average cost of debt: 1.19%
(average cost of debt is the weighted average of coupon rates of bonds and commercial papers)
Note: Bonds figures based on their face value.
Rating
The Group has an investment grade credit rating from Standard & Poor’s Global Ratings (BBB- with negative outlook), a testament to the strength of the Group’s business model and its financial situation.
| Date | Long-term (S&P) | Outlook | Short-term (S&P) | Related documents |
|---|---|---|---|---|
| 24/09/2024 | BBB- | Negative | A-3 | Credit opinion › |
| 08/11/2023 | BBB- | Stable | A-3 | Credit opinion › |
| 17/11/2022 | BBB | Stable | A-2 | Credit opinion › |
| 19/11/2021 | BBB | Stable | A-2 | Credit opinion › |
| 31/07/2020 | BBB | Stable | A-2 | Credit opinion › |
| 04/09/2019 | BBB | Stable | A-2 | Credit opinion › |
Commercial Papers
Worldline has entered into a Negotiable European Commercial Papers program (NEU CP) on April 12th 2019 for a maximum initial amount of € 600 million. The size of the NEU CP program has been raised to € 1,000 million in November 2020.
On June 30th 2024, the outstanding amount of the program was € 80 million.
Revolving Credit facilitiy
In addition, Worldline has an undrawn revolving credit facility (RCF) available for a total amount of € 1,125 million maturing in July 2029.
Bonds
Worldline Group has issued debt securities including bonds (straight bonds or bonds issued under an EMTN program), as well as convertible bonds and other borrowings (private placement – Schuldschein).
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In June 2020, Worldline entered into a Euro-Medium-Term Note (EMTN) Program for a maximum amount of € 4,000 million
Document Date First Prospectus Supplement 07/11/2024 EMTN Base Prospectus 21/06/ 2024 First Prospectus Supplement
29/08/2023 EMTN Base Prospectus 30/05/2023 EMTN Base Prospectus 22/06/2020
Two bond issuances (€ 500 million expired on 30/06/2023 and € 500 million expiring on 30/06/2027) were completed under the EMTN program on June 22, 2020. A bond issue was carried out on September 5, 2023 as part of the EMTN program (issue of 600 million euros maturing on September 12, 2028). A bond issue was carried out on 21 November 2024 as part of the EMTN program (issue of 500 million euros maturing on November 27, 2029).
Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related documents Obligation FR001400U2E7 27/11/2024 500 m€ 5.250% 5y 27/11/2029 Final Terms
Press release successful placement
Rating S&PObligation FR001400KLT5 12/09/2023 600 m€ 4.125% 5y 12/09/2028 Final terms
Press releaseObligation FR0013521564 30/06/2020 500 m€ 0.875% 7y 30/06/2027 Final terms
Press release -
On September 19, 2019, Worldline issued a € 500 million bond maturing in September 2024. Worldline also took over a € 600 million bond issued by Ingenico maturing in September 2024.
Since May 22nd, 2023 and after having finalized the tender offer on 2024 bonds, their amounts are € 359.7 million and € 354.7 million respectively.
On September 13th, 2024 and on September 18th, 2024, Worldline reimbursed the principal due of these 2 bonds.
Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related document Obligation FR0013281946 13/09/2017 600 m€ 1.625% 7y 13/09/2024 Prospectus
Amended terms and conditions
Obligation FR0013448032 18/09/2019 500 m€ 0.25% 5y 18/09/2024 Prospectus
Press release -
Worldline issued interest-free bonds convertible into new shares and/or exchangeable for existing shares.
The first € 600 million issuance maturing in July 2026 took place on July, 30 2019; it was retaped by a € 200 million issuance in December 2020.
A second € 600 million issuance occurred on July, 30 2020. It will mature in July 2025.
Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related documents Oceane FR0013439304 30/07/2019 600 m€ 0.00% 7y 30/07/2026 Terms and conditions
Press releaseOceane FR0013526803 30/07/2020 600 m€ 0.00% 5y 30/07/2025 Terms and conditions
Press releaseOceane FR0013439304 04/12/2020 200 m€ 0.00% 6y 30/07/2026 Terms and conditions
Press release
Other relevant documents