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)
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 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.
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 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