The global third-party logistics provider said the previously announced refinancing, including the offering of the notes, is expected to close this Friday.
Global third-party logistics provider CEVA Logistics AG announced Monday that as part of its previously announced refinancing, its subsidiary, CEVA Logistics Finance B.V., has priced a private offering of 300 million euros (U.S. $351.5 million) in aggregate principal amount of senior secured notes due 2025 with a coupon of 5.25 percent per year on Friday.
CEVA said the notes will be sold at an issue price of 100 percent of their principal amount.
The refinancing, including the offering of the notes, is expected to close this Friday, CEVA said.
“CEVA will use the net proceeds from the offering of the notes, along with the proceeds of its previously announced new $475 million secured term loan B due 2025, which is being marketed together with its expected $585 million senior revolving credit and ancillary facility due 2023, together with available cash, to fully repay its existing senior secured credit facilities and to repurchase tendered and/or redeem all of its 9.0 percent first lien senior secured notes due 2020,” the company said.
CEVA saw more red ink during the second quarter of 2018, posting a $45 million loss, the same as last year’s second quarter, despite a 7.3 percent boost in revenues to nearly $1.85 billion.
CEVA announces pricing of notes offering
