Under the sponsorship of Ardian and with the advice of Lazard Frères, Photonis Technologies recently successfully closed the full refinancing of its outstanding debt due to this year’s maturity date.
Photonis received new financing, consisting of a senior debt raised through a club deal between 8 banks and in a subordinated debt. In addition to the debt refinancing, a credit facility was also obtained. The maturity of this new debt arrangement ranges from 6 to 8 years depending on the tranches. The refinancing accompanied the significant turnaround achieved by Photonis Technologies that increased its financial performance by almost half in 2018.
The significant performance improvement was due to a growing night vision market, the double digit growth in scientific and digital businesses as well as the first phase of the implementation of the ‘One Photonis’ transformation plan. This plan is scheduled to be complete by the end of 2019 and consists of a complete overhaul of engineering and operations procedures which will yield significant improvements throughout the organization.
This new financial structure will result in much lower financing costs, allowing Photonis Technologies to pursue the use of technology and innovation to develop its businesses in Defense, Scientific and Industrial applications.