Frigoglass main funding sources consist of bond financing and bank facilities.
On February 12, 2020, Frigoglass S.A.I.C. through its subsidiary Frigoglass Finance B.V. (the “Issuer”) issued €260.0 million in aggregate principal amount of 6.875% Senior Secured Notes due 2025 (the “Notes”). The Notes are guaranteed on a senior secured basis by Frigoglass S.A.I.C. and certain of our subsidiaries (the “Guarantors”) and secured by certain assets of the Issuer and the Guarantors. The Notes mature on February 12, 2025 and pay interest semi‐annually on February 1 and August 1 of each year.
Frigoglass Finance B.V.’s (overseas company number FC034195) registered address is West Africa House, Hanger Lane, Ealing, London W5 3QP (UK establishment registered number BR019283).
| Aggregate Principal Amount | €260,000,000 |
| Issuer | Frigoglass Finance B.V. |
| Status | Senior Secured Notes |
| Issue date | February 12, 2020 |
| Maturity date | February 12, 2025 |
| Coupon | 6.875% per annum |
| Interest payment dates | Semi-annually on February 1 and August 1 in each year, beginning August 1, 2020 |
| Interest record dates: | The Clearing System Business Day immediately preceding the related Interest Payment Date. |
| Denominations | €100,000 minimum; €1,000 increments |
| Stock market listing | Official List of the Luxembourg Stock Exchange |
| Identification numbers: | Rule 144A Notes:
ISIN: XS2114234987 Common Code: 211423498 Reg S Notes: ISIN: XS2114234714 Common Code: 211423471 |
The Group maintains a credit rating with S & P Global Ratings and Moody’s.
| Rating Agencies | S & P Global Ratings | Moody’s |
| Rating | CCC | Caa2 |
| Outlook | Negative | Negative |
| Last review | 11 March 2022 | 18 March 2022 |
| Credit Analyst | Nikolay Popov | Elvira Nurgalieva |
| Details | Nikolay.popov@spglobal.com | Elvira.Nurgalieva@moodys.com |