Successful refinancing and rating upgrade

Successful refinancing and rating upgrade

Following its successful public listing on February 7, 2024, RENK Group AG also pushed ahead with the refinancing of its debt. The €520m corporate bond (5.75% senior secured notes due 2025) was redeemed on February 20 and replaced by a €525m term loan from a consortium of banks. The term loan has a maturity of 5 years and is supplemented by a €450m multi-currency guarantee facility and a €75m revolving credit facility, which will remain unutilized until further notice. The variable interest rate of the term loan has been hedged into a fixed rate for a large part of the corresponding volume for 3 years.

On February 23, the rating agency Moody's raised the corporate rating (CFR) of RENK GmbH to Ba3 (from B1) and the outlook to "positive" (from "stable"), citing RENK's "relatively conservative and balanced financial policy" and "robust credit metrics" going forward.

„We are very pleased that we have been able to put our debt financing on a solid footing in the medium term with this competitive package. The 5-year term gives us good visibility, while the extended guarantee facilities give us flexibility to further drive our growth," says Christian Schulz, CFO RENK Group AG, „The rating upgrade from Moody's confirms our view that we are solidly positioned on both the equity and debt side following the successful public listing."