Debt & Rating

 

Debt profile

As of June 30, 2022, Worldline Group net debt totaled € 3,456 million. Excluding net cash of TSS, accounted for as discontinued operations, the Group net debt totaled € 3,576 million.

On the scope of the continued operations, this amount was made up of:

  • cash and cash equivalents amounting to € 1,012 million.
  • gross debt recognized in the Group consolidated balance sheet up to € 4,588 million
    Outstanding amount of current borrowings totaled € 1,405 million as of June 30, 2021. Non-current borrowings totaled € 3,183 million.

Average maturity: 2.5 years
(average maturity is the weighted average of bonds’ and commercial papers residual maturities)

Average cost of debt: 0.55%
(average cost of debt is the weighted average of coupon rates of bonds and commercial papers)

Debt maturity, and cash, as of 30/06/2022
Total debt structure, as of 30/09/2022

 

Rating

The Group has an investment grade credit rating from Standard & Poor’s Global Ratings (BBB with stable 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 
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 12, 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 30, 2022, the outstanding amount of the program was € 835 million.

 

Revolving Credit facilities

Worldline has two undrawn revolving credit facilities (RCF) available that total € 1,050 million: one of € 600 million maturing in December 2024 (extended to December 2025 up to € 554 million), and one of € 450 million maturing in January 2024. 

 

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 – Schuldscheins).

  • Bonds issued under the Euro-Medium-Term Note (EMTN) program

    In June 2020, Worldline entered into a Euro-Medium-Term Note (EMTN) Program for a maximum amount of € 4,000 million

    Document Date
    EMTN Base Prospectus 22/06/2020

    Two bond issuances (€ 500 million 30/06/2023 and € 500 million 30/06/2027) were completed under the EMTN program on June 22, 2020.

    Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related documents
    Obligation FR0013521549 30/06/2020 500 m€ 0.50% 3y 30/06/2023 Final terms
    Press release
    Obligation FR0013521564 30/06/2020 500 m€ 0.875% 7y 30/06/2027 Final terms
    Press release
  • Other bonds

    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.

    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
  • Convertible bonds

    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 release
    Oceane FR0013526803 30/07/2020 600 m€ 0.00% 5y 30/07/2025 Terms and conditions
    Press release
    Oceane FR0013439304 04/12/2020 200 m€ 0.00% 6y 30/07/2026 Terms and conditions
    Press release

     

 

Other relevant documents

Date Document
June 30, 2021 Wordline’s bylaws
May 31,  2021

General Meeting of the holders of the bonds issued by Worldline on September 18th, 2019

May 31,  2021

Results of the Bondholders’ General Meeting of 31 May 2021

May 31,  2021 General Meeting of the holders of convertible and/or exchangeable bonds for existing shares (OCEANEs) issued by Worldline on July 30th, 2019 and on December 4th, 2020 
May 31,  2021 Results of the General Meeting of the holders of convertible bonds of 31 May 2021
May 21,  2021 Notice of meeting of holders of OCEANEs - Second convocation - Balo
May 21,  2021 General Meeting of the holders of convertible and/or exchangeable bonds for existing shares (OCEANEs) issued by Worldline on July 30th, 2019 and on December 4th, 2020
May 21,  2021 Approval of the issuer substitution and amendments of the terms and conditions by the holders of the September 13, 2024 bonds (FR0013281946)
May 21,  2021 Notice of meeting of holders of Bondholders - Second convocation – Balo
May 21,  2021 General Meeting of the holders of the bonds issued by Worldline on September 18th, 2019
May 21,  2021 General Meeting of the holders of the bonds issued by Ingenico on September 13th, 2017 – Substitution of Ingenico by Worldline as issuer
May 03,  2021 Notice of meeting for Bondholders
May 03,  2021

Notice of meeting of holders of convertible and/or exchangeable bonds for existing shares

June 22,  2020 Base Prospectus Worldline €4,000,000,000 EMTN Program