PRESS RELASE _
EARLY REPAYMENT OF 280 MILLION EUROS FRENCH STATE BACKED TERM LOAN (“PGE”) AND 250 MILLION EUROS SENIOR UNSECURED FIXED RATE BOND DUE 2021
Paris, March 10, 2021 – Nexans announces today the early full redemptions of the 280 million euros French State backed loan (“PGE”) as of February 25, 2021 and the 250 million euros senior unsecured at 3.25% fixed rate bond issued on May 26, 2016 and due on May 26, 2021 (ISIN: FR0013176294) as of March 10, 2021.
On June 11, 2020 Nexans announced the execution of a French State backed €280 million term loan (“PGE”), issued by a pool of French banks with a twelve-month maturity and an extension option, up to five years, exercisable by Nexans. The French state is guaranteeing the Facility at 80%.
As announced on February 17, 2021, at Nexans 2020 Full-year earnings, the Group took advantage of its strong level of liquidity to repay by anticipation both state backed loan and bonds.
As of December 31, 2020, and prior to these early repayments, Nexans liquidity position stood at sound 1.7 billion euros, including a 600 million euros undrawn revolving credit facility.
Nexans has sufficient liquidity for its operations and foreseen financial commitments.
Nexans is a key driver for the world’s transition to a more connected and sustainable energy future. For over 120 years, the Group has brought energy to life by providing customers with advanced cable technologies for power and data transmission. Today, Nexans goes beyond cables to offer customers a complete service that leverages digital technology to maximize the performance and efficiency of their critical assets. The Group designs solutions and services along the entire value chain in three main business areas: Building & Territories (including utilities and e-mobility), High Voltage & Projects (covering offshore wind farms, subsea interconnections, land high voltage), and Industry & Solutions (including renewables, transportation, oil and gas, automation, and others).
Corporate Social Responsibility is a guiding principle of Nexans’ business activities and internal practices. In 2013 Nexans was the first cable provider to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group’s commitment to developing ethical, sustainable and high-quality cables also drives its active involvement within leading industry associations, including Europacable, the NEMA, ICF and CIGRE.
Nexans employs nearly 25,000 people with an industrial footprint in 38 countries and commercial activities worldwide. In 2020, the Group generated 5.7 billion euros in standard sales.
Nexans is listed on Euronext Paris, compartment A.
For more information, please visit www.nexans.com
Minaa El Baz