Humble Group: Capital structure reshuffling opens doors - ABG

SEK 875m directed share issue
Proforma deleveraging from ~3.4x to ~2x ND/EBITDA
Saves SEK ~123m in interest expenses p.a.


Directed share issue of SEK 875m

Humble announced a directed share issue of SEK 875m as part of a financing arrangement that allows the company to voluntarily redeem and refinance its outstanding bonds of SEK 1.8bn and credit facility of SEK 650m. The company will attain bank loan commitments of SEK 1.65bn with an option to increase the loan by SEK 300m. As part of the financing arrangement, the company will reduce its gross debt by SEK 800m in addition to the financing cost going down to ~7% from ~12%. Proforma leverage will decrease to ~2x from ~3.4x.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/humble-group/Equity-research/2023/6/humble-group---capital-structure-reshuffling-opens-doors/