Debt & Rating

 

Debt profile

As of June 30, 2023 Worldline Group net debt totaled € 1,836.7 Million. 

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

  • Cash and cash equivalents amounting to € 1,235.9 million.
  • Gross debt recognized in the Group consolidated balance sheet up to €  3,072.6 million. Outstanding amount of current borrowings totaled € 211.2 million as of June 30, 2023. Non-current borrowings totaled € 2,861.4 million.

Average maturity: 2.34 years
(average maturity is the weighted average of bonds’ and commercial papers residual maturities)

Average cost of debt: 0.664%
(average cost of debt is the weighted average of coupon rates of bonds and commercial papers)

Debt Maturity and Available Cash as of 30/06/2023
Total Debt Structure as of 30/06/2023

 

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 
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 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, 2023, the outstanding amount of the program was € 200 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 December 2025. 

 

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).

  • 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
    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).

    Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related documents
    Obligation FR001400KLT5 12/09/2023 600 m€ 4.125% 5y 12/09/2028 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.

    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.

    Instrument ISIN Date of issuance Amount Rate Tenor Maturity Related document
    Obligation FR0013281946 13/09/2017 354.7 m€ 1.625% 7y 13/09/2024 Prospectus
    Amended terms and conditions
    Obligation FR0013448032 18/09/2019 359.7 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
May 17, 2023 Results of the tender offer on 2024 bonds
May 10, 2023 Tender offer on bonds due September 2024
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