Cegedim, a global technology and services company in the healthcare field, has, as part of its pro-active approach to debt management, obtained the consent of its banking partners (Banc of America, Banque Palatine, BNP Paribas, BRED Banque Populaire, Caisse Régionale de Crédit Agricole Mutuel Centre Loire, CIC, Crédit Lyonnais, HSBC France, Société Générale) under the credit facility to amend certain covenants thereunder. This consent signals the continued confidence of our banking partners in the Group.
Cegedim, which was in compliance with its covenants under the credit facility as of June 30, 2012, has agreed additional headroom under its leverage and interest cover financial covenants as set out in the table below.
|December 31, 2012||3.60||3.00||3.00||4.50|
|June 30, 2013||3.60||3.00||3.00||4.50|
|December 31, 2013||3.50||3.00||3.00||4.50|
|June 30, 2014||3.50||3.00||3.00||4.50|
|December 31, 2014||3.25||3.25||3.00||4.50|
|June 30, 2015||3.25||3.25||3.00||4.50|
|December 31, 2015||3.00||3.50||3.00||4.50|
In relation to these changes Cegedim has agreed to change the applicable margins under the credit facilities as follows:
|Leverage Ratio||Margin (% p.a.)|
|Term Loan||RCF EUR||RCF USD|
|≤ 3.60 and > 3.00||3.75||3.25||3.75|
|≤ 3.00 and > 2.50||3.25||3.00||3.50|
|≤ 2.50 and > 2.00||2.75||2.50||3.00|
Cegedim has also agreed to:
- No dividend while the Leverage Ratio is greater than 2.50;
- Reduce permitted Joint Ventures from €200m to €50m;
- Limit acquisitions to €5m per fiscal year while the Leverage Ratio is greater than 3.00;
- Limit acquisitions to €25m per fiscal year while the Leverage Ratio is between 2.00 and 3.00;
- Limit the shareholder Loan payments to a cumulated amount of €5m as long as the Leverage Ratio is greater than 2.00.
|The Group will hold a conference call on October 3rd, 2012, at 6:00 pm (Paris time) in English. The call will be hosted by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head of Investor Relations.|
+33 1 72 10 50 80 France
+33 1 72 10 50 81 France
+49 302 21 51 00 68 Germany
+44 203 428 1111 UK
November 8, 2012 (after the stock market closes)
- 2012 Q3 Revenue release
Founded in 1969, Cegedim is a global technology and services company specializing in the healthcare field. Cegedim supplies services, technological tools, specialized software, data flow management services and databases. Its offerings are targeted notably at healthcare industries, life sciences companies, healthcare professionals and insurance companies. The world leader in life sciences CRM, Cegedim is also one of the leading suppliers of strategic healthcare industry data. Cegedim employs 8,200 people in more than 80 countries and generated revenue of €911 million in 2011. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit: www.cegedim.com
Public company with share capital of 13,336,506.43 euros
Trade and Commercial Register: Nanterre B 350 422 622