Belron repriced two outstanding term loans, has distributed a dividend and has been assigned an Investment Grade rating by Fitch
D'Ieteren Group announces today that Belron has successfully repriced two outstanding TLB loans, driven by improving capital market conditions and strong operational performance of the business.
The first loan is the sustainability-linked loan of $1,580m outstanding due in April 2028, currently priced at [Term Sofr + 250bps][1], reduced to [Term Sofr + 200bps][1]. The second one is the $868m outstanding loan due in April 2029, which is repriced from the current [Term Sofr + 250bps][2] to [Term Sofr + 225bps$][2].
D'Ieteren Group further announces that Belron has distributed a €363m interim ordinary dividend to its shareholders out of cash on balance sheet. D'Ieteren Group's share represents €188m, which will enable the Group to pursue its long-term investment strategy.
Also reflecting its strong business profile, Belron has been assigned a BBB-, stable outlook by Fitch. The rating agency explains Belron's investment grade rating by its scale, strong profitability and comfortable deleveraging capacity.
[1] Plus 0.26% credit spread adjustment
[2] Plus 0.10% credit spread adjustment
Contact
Francis Deprez, Chief Executive Officer
Edouard Janssen, Chief Financial Officer
D'Ieteren NV published this content on 15 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2023 16:46:25 UTC.
In existence since 1805, and across family generations, D'Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following businesses:
- Belron (equity-accounted investee) has a clear purpose: "making a difference by solving people's problems with real care". It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands - including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers;
- D'Ieteren Automotive distributes Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Rimac, Cupra and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards "improving the lives of citizens with fluid, accessible and sustainable mobility";
- TVH Parts (equity-accounted investee), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of "keeping customers going and growing";
- Moleskine is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to "unleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world";
- D'Ieteren Immo groups together the Belgian real estate interests of D'Ieteren Group. It owns and manages 37 sites. It also pursues investment projects and carries out studies into possible site renovations.
D'IETEREN GROUP 
