Nanterre (France), April 14, 2020
FAURECIA STRENGTHENS ITS LIQUIDITY BY 800 MILLION EUROS
TO FACE ANY POTENTIAL SCENARIO RELATED TO THE COVID-19 CRISIS
Faurecia announced that it signed on Friday, April 10, 2020 a Club Deal of €800 million with four of its main banks (BNP Paribas, CA-CIB, Société Générale and Natixis) with the following conditions:
- Maturity: 18 months (12 months + 6 months option at Faurecia's initiative)
- Senior unsecured loan, unguaranteed, pari passu with the rest of the Group's long-term debt
- Drawn on Friday, April 17, 2020
This €800 million liquidity is in addition to the €600 million not drawn from the €1.2 billion syndicated credit line (maturity: June 2024) of which half was recently drawn, in anticipation of the expected decline in factoring of receivables.
With €1.4 billion of available liquidity, in addition to its current cash position, Faurecia estimates to be able to cope with any scenario related to the Covid-19 crisis.
Michel FAVRE, Group Chief Financial Officer of Faurecia, declared: "Since the beginning of the crisis, we have taken all necessary measures to strengthen our liquidity and be able to pass the peaks of cash requirements that we will have to face, including in the most demanding scenarii. The signing of this Club Deal is part of our financial strategy in the face of the crisis and demonstrates the confidence of our banks in the quality of our signature and our ability to weather this global crisis."
| Contacts Presse Eric FOHLEN-WEILL Corporate communications Director Tel: +33 (0)1 72 36 72 58 eric.fohlen-weill@faurecia.com (mailto:eric.fohlen-weill@faurecia.com) |
| Analysts/Investors Marc MAILLET Head of Investor Relations Tel: +33 (0)1 72 36 75 70 marc.maillet@faurecia.com (mailto:marc.maillet@faurecia.com) | Anne-Sophie JUGEAN Deputy Head of Investor Relations Tel: +33 (0)1 72 36 71 31 annesophie.jugean@faurecia.com |
About Faurecia
Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 248 industrial sites, 37 R&D centers and 115,000 employees in 37 countries, Faurecia is a global leader in its four areas of business: Seating, Interiors, Clarion Electronics and Clean Mobility. Faurecia has focused its technology strategy on providing solutions for the "Cockpit of the Future" and "Sustainable Mobility". In 2019, the Group posted sales of €17.8 billion. Faurecia is listed on the Euronext Paris stock exchange and is a component of the CAC Next 20 index. For more information, please visit www.faurecia.com
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