Debt & Rating
Debt profile
As of December 31, 2021, Worldline Group net debt totals € 3,126 million. It nets:
- gross debt recognized in the group consolidated balance sheet € 4,252 million;
- cash and cash equivalents € 1,126 million.
The Group net debt including net cash of TSS totals classified as held for sales € 2,923 million.
Average maturity: 3.3 years
(average maturity is the weighted average of bonds’ residual maturities)
Average cost of debt: 0.53%
(average cost of debt is the weighted average of coupon rates)
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 |
|---|---|---|---|---|
| 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 › |
Short-term debt instruments
Outstanding amount of current borrowings totals € 743 million as of December 31, 2021.
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 December 31, 2021, the outstanding amount of the program was € 604 million.
In addition, Worldline has available two undrawn revolving credit facilities (RCF) that totals € 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.
Medium to long term debt instruments
Medium-to-long term debt instruments of Worldline Group include bonds (straight bonds or bonds issued under an EMTN program), as well as convertible bonds and other borrowings (private placement – Schuldscheins).
Medium to long term debt amounts € 3,510 million as of December 31, 2021.
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 releaseObligation FR0013521564 30/06/2020 500 m€ 0.875% 7y 30/06/2027 Final terms
Press releaseOther 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 conditionsObligation FR0013448032 18/09/2019 500 m€ 0.25% 5y 18/09/2024 Prospectus
Press releaseConvertible 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 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