Nexity: reorganises funding, new company boss
(CercleFinance.com) - As a matter of caution, and anticipating an impact of the current health crisis on its EBITDA, Nexity has announced that it has started talks with its banking partners and that, with their agreement, has reorganised the terms of its main corporate financing contracts.
Nexity said that in particular it has negotiated exemption from having to comply with its leverage pledge until the end of 2021.
A similar approach has just been taken with Euro PP bond holders. Nexity boasts a very strong cash position, with 762 million euros in cash and 555 million euros in confirmed and undrawn bank credit lines.
In addition, Nexity has announced that after its CEO Jean-Philippe Ruggieri fell victim to Covid-19 at the end of last week, its board of directors decided to combine the CEO's functions with those of Chairman, and appoint Alain Dinin as its Chairman and CEO, with immediate effect.
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