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    COFA   FR0010667147

COFACE SA

(COFA)
  Report
Real-time Euronext Paris  -  11:35 2022-12-02 am EST
11.67 EUR   -0.43%
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11/23Moody's Maintains Coface's Ratings On Strong Capitalization, Financial Performance
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COFACE SA announces the success of its debt management exercise

09/21/2022 | 09:31am EST

COFACE SA announces the success of its debt management exercise

Paris, 21 September 2022 – 15.30

COFACE SA (the "Company") is announcing today the results of the tender offer which expired at 16:00 CET on 20 September 2022 (the "Tender Offer") to repurchase its guaranteed subordinated notes of an amount of €380,000,000 bearing a fixed interest rate of 4.125 per cent., due on 27 March 2024, unconditionally and irrevocably guaranteed on a subordinated basis by Compagnie française d’assurance pour le commerce extérieur (ISIN: FR0011805803) (the “Notes”). The Notes are admitted to trading on the regulated market of Euronext Paris.

The Company exceeded the maximum acceptance amount initially announced to the market and will accept the repurchase of a principal amount of EUR 153,400,000 Notes validly tendered at a fixed purchase price of 103,625 per cent., no tender pro-rating factor will be applied.

The Company is also announcing the issuance on 22 September 2022 of €300,000,000 tier 2 notes bearing a fixed interest rate of 6.000 per cent., due on 22 September 2032 (the “New Notes”). The prospectus relating to the New Notes is available on:
https://www.coface.com/content/download/212146/3608417/version/1/file/Final+Prospectus+2022.pdf.

Disclaimer

This announcement does not constitute an invitation to participate in the Tender Offer or to subscribe the New Notes in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

United States

The Tender Offer and the issue of the New Notes are not being made and will not be made directly or indirectly in or into the United States as defined in Regulation S of the U.S. Securities Act of 1933, as amended (the "Securities Act") or to U.S. Persons as defined in Regulation S of the Securities Act (each a "U.S. Person"). Accordingly, copies of this document are not being, and must not be, directly or indirectly, mailed or otherwise transmitted, distributed or forwarded in or into the United States or to any such person. The New Notes referred to herein have not been, and will not be, registered under the Securities Act, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Company does not intend to register any offering of securities in the United States or to conduct a public offering in the United States.

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Benoît CHASTEL: +33 1 49 02 22 28 – benoit.chastel@coface.com

MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Corentin HENRY: +33 1 49 02 23 94 – corentin.henry@coface.com

FINANCIAL CALENDAR 2021/2022
(subject to change)
9M-2022 results: 27 October 2022 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2022 and our 2021 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

 Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.


 

COFACE: FOR TRADE
With more than 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group's services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

www.coface.com




COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN: FR0010667147 / Mnémonique : COFA

 

DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group's 2021 Universal Registration Document filed with AMF on 6 April 2022 under the number D.22-0244 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

Attachment


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Financials
Sales 2022 1 829 M 1 886 M 1 886 M
Net income 2022 285 M 294 M 294 M
Net Debt 2022 - - -
P/E ratio 2022 6,12x
Yield 2022 13,3%
Capitalization 1 743 M 1 797 M 1 797 M
Capi. / Sales 2022 0,95x
Capi. / Sales 2023 0,91x
Nbr of Employees 3 667
Free-Float 98,8%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 4
Last Close Price 11,69 €
Average target price 14,33 €
Spread / Average Target 22,5%
EPS Revisions
Managers and Directors
Xavier Pascal Durand Chief Executive Officer
Phalla Gervais Chief Financial & Risk Officer
Bernardo Sanchez Incera Chairman
Keyvan Shamsa Director-Business Technology
Matthieu Garnier Director-Group Information Services
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