Autobar is pleased to announce today, 13 October 2014, that it has successfully completed a debt restructuring on a consensual basis with its lenders, resulting in a significantly reduced debt burden and a new capital structure which will allow the group to continue to pursue its growth and premiumisation strategy. The total amount of term debt has been reduced from approximately €900 million to €450 million, which will result in a halving of its cash interest expense. The residual original debt has been converted into a PIK note of €250 million or converted to equity. A further revolving credit facility of €50 million has been included in the new debt structure to bring additional liquidity headroom to the group.
The transaction sees Autobar transfer ownership to its lenders, who have expressed their support and commitment to the group’s future strategy.
The group’s stated strategy is to reinforce its credentials as a coffee roaster with multiple distribution channels, vending being the most important. In order to make this shift more tangible and visible to customers, suppliers, employees and other business partners the company announced today its intention to change its name to PELICAN ROUGE. Pelican Rouge is a long established coffee brand with its origins in Antwerp in 1863. The name change demonstrates their intention to focus on quality coffee, quality service and quality delivery throughout the entire customer experience, and to put the customer at the heart of everything they do.
The group will move its headquarters to Dordrecht, The Netherlands, where the coffee roasting activities are based.
Alain Beyens, CEO of PELICAN ROUGE said: “I am extremely pleased that we now have the right capital structure in the business to allow us to continue our growth and premiumisation strategy. Accelerating our growth in coffee, capturing a share of the premiumising coffee market and moving forward as PELICAN ROUGE is exciting, and will deliver opportunities for further value creation.”