New USD 300 million term loan

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On 2 November, Marel signed a new 3-year USD 300m term loan with an initial margin of 250bp on top of Secured Overnight Financing Rate (SOFR). The margin will move in line with the net debt/EBITDA ratio and has a two-year uncommitted extension option.

Part of this new financing will be used to repay the EUR 150m multi-currency bridge facility drawn for operational headroom when acquiring Wenger. While Marel is within the acquisition spike and covenant terms of the EUR 700 million revolving facility, Marel and the banking group have agreed on additional covenant headroom as a safety measure for temporary swings in cash flow and operational performance as well as FX volatility.

Marel has committed liquidity of EUR 170.3m at the end of 3Q22, and the new loan will increase liquidity to EUR 326.6m including cash at hand.

The USD 300m refinancing was signed with the same group of leading international banks providing the EUR 700m revolving facility: ABN AMRO, BNP Paribas, Danske Bank, HSBC, ING, Rabobank, and UniCredit. The banking group mirrors Marel’s geographical presence and is thus well placed to support Marel’s business going forward.

Investor Relations

For further information, please contact Marel Investor Relations via email ir@marel.com or tel. +354 563 8001.



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