EQS-Adhoc: Bike24 Holding AG: Upcoming extension of syndicated loan agreement at adjusted terms and conditions

Bike24 Holding AG: Upcoming extension of syndicated loan agreement at adjusted terms and conditions

DRESDEN, February 17, 2023 // Bike24 Holding AG (the Company) intends to prematurely extend the existing syndicated loan agreement with a total loan commitment of EUR 50 million, of which EUR 40 million are attributable to a bullet loan facility and EUR 10 million to a revolving facility, with the relevant lenders based on adjusted terms and conditions. The lenders under the syndicated loan agreement are Oldenburgische Landesbank AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and Stadt- und Kreissparkasse Leipzig.

The company was informed today that the relevant boards of the lenders - subject to satisfactory documentation in terms of form and content - have approved the contract adjustment. The contract adjustment shall be signed at the beginning of March.

The syndicated loan agreement expiring on June 30, 2024 shall be extended until December 31, 2024, with quarterly regular repayments of EUR 2 million to be made under the revolving facility beginning as of December 31, 2023. Furthermore, the adjusted syndicated loan agreement provides for an extension option for a maturity extension of either 12 or 24 months.

The terms and conditions will be adjusted to the current market situation. In particular, the interest margin will be amended from the current 1.5% to 2.5% p.a. (depending on the gross debt ratio) to 2.75% to 6.75% p.a. (depending on the net debt ratio). The initial interest margin is 5.75% p.a. and will be reviewed for the first time on March 31, 2023, based on the net debt ratio for the first quarter then ended. The initial interest rate therefore is 5.75% p.a. plus EURIBOR with retroactive effect as of January 1, 2023. Furthermore, the covenants will be adjusted to the macroeconomic framework conditions and the covenant regarding the gross debt ratio will be suspended up to and including March 31, 2024. New covenants regarding minimum EBITDA and minimum liquidity will be included. Bike24 Holding AG and other material group companies will provide market standard transaction collateral under the loan agreement.