2.4Guarantees and Financing
In relation to the existing financing:
The Group has issued a CHF 350.0m fixed rate senior bond (“Bonds”) which matures on February 28, 2027. The Bonds, with a coupon of 3.0% p.a., were issued by gategroup Finance (Luxembourg) S.A. and are guaranteed by its parent company, gategroup Holding AG. The Bonds are listed on the SIX Swiss Exchange.
The EUR 250.0m Term Loan together with capitalized Profit In Kind (“PIK”) interest was fully repaid on June 17, 2025, as part of the Group’s refinancing transaction. The refinancing introduced new EUR and USD Term Loan B facilities maturing in June 2032.
The Revolving Credit Facility (“RCF”), being a facility of EUR 415.0m together with capitalized PIK interest, was refinanced and replaced in June 2025 by a new multicurrency Senior RCF of CHF 300.0m maturing in December 2031.
The borrowings under the Bonds, the Term Loan facilities rank pari passu with the Group’s other senior secured indebtedness. The Term Loan and RCF are guaranteed by the Company and certain other Group companies.
In 2021, a subordinated convertible facility of CHF 475.0m was made available to the Company by the shareholders. On June 10, 2025, the facility agreement was amended and restated. Under the amended terms, the facility may be converted into equity under certain circumstances as defined in the agreement, including in connection with a qualified listing or other conversion events. PIK interest accrues on the amounts drawn at a rate of 12.5% per annum. At December 31, 2025, a total of CHF 444.9m (2024: CHF 444.9m) had been drawn and the remaining amount of the facility has expired. The maturity of the facility occurs 30 days after the earlier of (i) the last termination date of the Senior Facilities or (ii) the date on which the senior liabilities are discharged in full. The facility is guaranteed by each borrower and guarantor under the Senior Facilities Agreement (“SFA”) but is fully subordinated to the claims of both the lenders under the SFA and holders of the Bonds.
Further, guarantees issued in favor of third parties amount to CHF 327.2m (2024: CHF 332.0m) thereof none (2024: none) are for associates.