Core Insights - gategroup Holding AG successfully upsized and repriced its Term Loan B facilities, increasing its euro-denominated facility by EUR 215 million and its U.S. dollar-denominated facility by USD 75 million, enhancing liquidity and financial flexibility for long-term growth [1][2] Group 1: Financial Performance - The transaction experienced strong investor demand, leading to a margin reduction of 75 basis points to 350 basis points, which was better than initially expected [2] - gategroup maintains a well-balanced capital structure and strong liquidity position, allowing the company to execute its growth strategy and address upcoming debt maturities efficiently [3] Group 2: Company Overview - gategroup is a global leader in airline catering, retail-on-board, and hospitality products and services, operating over 200 units in more than 60 countries [4]

Core Viewpoint - gategroup Holding AG has announced the pricing of new financing totaling EUR 675 million, USD 500 million, and CHF 300 million, aimed at refinancing existing loans and supporting general corporate purposes [1][3]. Financing Details - The new financing includes a EUR 675 million term loan, a USD 500 million term loan, and a CHF 300 million multicurrency revolving credit facility [1][2]. - The maturity for both the EUR and USD term loans is set at 7 years, while the multicurrency facility has a maturity of 6.5 years [2]. - The opening margin for the EUR and USD loans is E +425 basis points per annum and S +425 basis points per annum, respectively, with the multicurrency facility at +350 basis points per annum [2]. - The issue price for the EUR and USD loans is 99.5, while the multicurrency facility is priced at 100.0 [2]. Purpose of Financing - Proceeds from the new financing will be used to refinance existing loans, including a EUR 250 million term loan A and a EUR 415 million revolving credit facility, as well as to pay accrued interest, transaction fees, and for general corporate purposes [3]. Credit Rating Impact - gategroup anticipates an upgrade of its corporate credit rating to B2 (stable) / B+ (stable) upon the closing of the new financing [4]. - The closing of the new financing is expected to occur within the coming weeks [4]. Company Overview - gategroup is a global leader in airline catering, retail-on-board, and hospitality products and services, headquartered in Zurich, Switzerland [5]. - The company operates over 200 units in more than 60 countries, providing superior culinary and retail experiences through innovation and advanced technology solutions [5].

Core Viewpoint - gategroup is launching a syndication for new senior secured term loan Bs and plans to enter a new revolving credit facility of approximately CHF 300 million to refinance existing loans and support corporate purposes [1][2]. Financing Details - The proceeds from the new financing will be used to refinance existing loans, including EUR 250 million term loan A and EUR 415 million revolving credit facility, as well as to pay accrued interest, transaction fees, and for general corporate purposes [2]. - gategroup anticipates an upgrade in its corporate credit rating as a result of the new financing [2]. Current Trading Performance - In Q1 2025, gategroup reported revenues of CHF 1,245 million, representing a 9% increase compared to Q1 2024, and an EBITDA of CHF 66 million, which is an 89% increase year-over-year [4]. - The EBITDA margin improved to 5.3%, reflecting a 222 basis points increase from Q1 2024 [4]. - On a Last Twelve Months (LTM) basis for Q1 2025, reported EBITDA rose to CHF 422 million, compared to CHF 391 million for FY 2024 [4]. - All regions exceeded their Q1 2024 results, indicating strong regional performance [4]. Company Overview - gategroup is a global leader in airline catering, retail-on-board, and hospitality products and services, headquartered in Zurich, Switzerland [5]. - The company operates over 200 units in more than 60 countries, providing superior culinary and retail experiences through innovation and advanced technology [5].