Debtholders

In the Public Tender offer published on 28 January 2019 it was noted that if CMA CGM holds more than 50% of the voting rights or issued share capital of CEVA, this triggers a "change of control" under the agreements governing a significant portion of CEVA's debt. As a consequence, CEVA has undertaken certain refinancing actions as follows: 
 

Facility

Description

 

US$475m Term Loan B due 2025

On 22 February 2019, a new term loan B facility was agreed and priced. On 24 April 2019, CEVA repaid the outstanding principal balance (US$473 million) of its existing term loan B and replaced it with the new term loan B in the amount of US$475 million. The new term loan B matures on 3 August 2025 and has a margin of 5.00%.

 

US$585m Revolving Credit Facility due 2023

CEVA received consents to waive the change of control from nine of the eleven banks that provided its Revolving Credit Facility. The commitments from the two non-consenting banks were cancelled on 3 June 2019. One new bank has been added to the Revolving Credit Facility at the end of June 2019

 

€300m 5.25% Senior Notes due 2025

On 10 May 2019, CEVA issued a Tender Offer for its 5.25% Senior Notes at a price of 101% plus accrued interest. EUR 284 million of the Notes were tendered (94.7%) and were repaid and cancelled on 9 July 2019. CEVA subsequently issued a notice to the Agent to repay and cancel the remaining Notes on 22 July 2019 at a price of 101% plus accrued interest.

 

€297m Bridge Facility due 2020/2025

On 5 July 2019 CEVA entered into a Bridge Facility provided by three banks, which was drawn on 9 July 2019 to fund the Tender Offer of the 5.25% Senior Notes. The initial maturity is 12 months, but in the event that it is not refinanced by that date, the borrowing will be converted into term loans with a maturity no earlier than 3 August 2025.