Fluidra successfully completes the refinancing of its debt structure and links it to its ESG objectives

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Fluidra, a global leader in connected pool and wellness equipment and solutions, has successfully completed the refinancing of its debt structure, including a senior secured term loan (TLB) in two currencies and a revolving credit facility secure senior (RCF). The terms of the TLB and the RCF are linked to two environmental objectives defined in the ESG plan “Responsibility Blueprint” of Fluidra.

The TLB will consist of a $750 million tranche at SOFR +200 bps forward and a €450 million tranche at Euribor +225 bps, with both terms being extended through 2029. Following the refinancing, Fluidra increases the size of the TLB, rebalancing the currency mix, and the cancellation of the AUD tranche. In addition, the RCF is reduced from €130 million to €450 million and its duration is extended until 2027, while the asset-based loan facility (ABL) due in 2023 will be cancelled.

The refinancing does not increase net debt, the proceeds being used to service existing debt (existing TLB, drawn ABL and RCF and other debt including promissory notes) and for general corporate purposes. Moody’s and S&P have maintained Fluidra’s current ratings of Ba2 and BB+ respectively.

With this transaction, Fluidra reinforces its commitment to sustainable development by linking the margin ratchet to the achievement of two objectives of its 2020-2026 Responsibility Master Plan: (i) achieve climate neutrality in its own operations by 2027 (Scopes 1 & 2), and, (ii) achieve 100% electricity consumption from renewable sources by 2027.

The financing has been established in accordance with the Sustainability Linked Loan Principles (“SLLP”) published by the LMA and the assurance of KPIs will be carried out by an independent external auditor on an annual basis, as part of the verification of Fluidra’s integrated report where these figures will be informed.

“This transaction simplifies our debt structure by retaining only the EUR and USD tranches, while locking in current rates until 2029. This new currency mix is ​​more aligned with our profitability following the acquisitions in North America in 2021. And more importantly, it shows our strong commitment to sustainable development and our Responsibility Master Plan” says Xavier Tintoré, CFTO of Fluidra.

The transaction is expected to close before the end of this month and will be communicated to the market in due course.

About Fluidra

Fluidra SA (FDR:SM) is the world leader in swimming pool and wellness equipment and connected solutions. It is part of the Ibex 35, the Spanish stock market benchmark, and the FTSE4Good Index Series, the sustainability benchmark. Fluidra offers an extensive offer of innovative and connected products and services, operating in more than 45 countries. The company has a portfolio of some of the most recognized brands in the industry, including Jandy®, AstralPool®, Polaris®, Cepex®, Zodiac®, CTX Professional® and Gre®.

To learn more about Fluidra, visit www.fluidra.com.

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