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STATEMENT: Successful modification and extension of refinancing by IFCO

(Information sent by the signatory company).

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STATEMENT: Successful modification and extension of refinancing by IFCO

(Information sent by the signatory company)

IFCO refinances term loan B as first modification and extension transaction at par price

MUNICH, March 21, 2024/PRNewswire/ -- IFCO, the world's leading supplier of reusable packaging (RPC) for fresh foods has successfully refinanced Term Loan B in a modification and extension transaction ahead of schedule. The volume has increased to 1,640 million euros and the Revolving Credit Line to 310 million euros. The transaction met with very high demand from institutional investors in both the domestic and foreign markets. The previous loan was obtained in May 2019 following the joint acquisition of IFCO by Triton and ADIA.

Term Loan B now has a term until 2029 and is equipped with an initially favorable interest margin of only 4.0% p.a. The attractive refinancing conditions are also reflected in the waiver of the original issue discount (OID), something never before seen in Europe. Almost 90% of existing lenders maintained their commitment to IFCO; In addition, the transaction has raised new funds of more than 500 million euros and the order book has almost doubled demand.

IFCO prepares for further growth

With the new loan, IFCO manages to expand the financing framework for its planned growth and takes advantage of the favorable market environment to expand credit lines. The global supplier of reusable packaging for the transportation of fresh food has already expanded strongly around the world in recent years.

Demand for reusable packaging solutions continues to grow as companies focus more on implementing sustainable solutions as part of their ESG commitments. IFCO RPCs allow companies to actively participate in the circular economy by replacing single-use packaging and significantly reducing CO emissions, solid waste and food waste.

Continuous development of solutions for IFCO customers

Always focused on the needs of its customers, IFCO constantly develops new reusable packaging solutions. The company already offers a wide range of reusable packaging for the transport of fresh fruits and vegetables, meat, fish, bakery products or eggs. Recently, IFCO has expanded its offering to include a reusable plastic platform designed specifically to be RPC compatible. This pallet is 25% lighter than conventional wooden pallets, significantly reducing transportation costs and associated carbon emissions.

"We have successfully leveraged the favorable market environment to optimize our maturity profile on very attractive terms with early refinancing. This allows us to further drive IFCO's growth and continue to develop innovative, digital and sustainable solutions for food transportation in We look forward to supporting our customers in their commitment to accelerate the shift towards sustainable supply chains," explained Dr. Julian zu Putlitz, Chief Financial Officer of IFCO.

"All three rating agencies rate the transaction positively, confirming our financing strategy. Despite the increased volume of loans, the ratings have not changed and the outlook remains stable," said Nils Ostendorf, Global Head of Treasury at IFCO. .

"We, at Triton, believe that businesses play a vital role in a more sustainable society. IFCO is a great example of a company promoting a circular economy. This very successful financial transaction is further proof of the right portfolio strategy" , commented Martin Fikus, Investment Advisory professional at Triton Partners.

About IFCOIFCO is the world's leading provider of reusable packaging solutions for fresh foods, serving customers in more than 50 countries. IFCO operates more than 380 million reusable packaging containers (RPCs) worldwide, used for 2 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread and other supplier items. to grocery retailers each year. IFCO RPCs ensure a better fresh food supply chain by protecting freshness and quality and reducing costs, food waste and environmental impact compared to single-use packaging. More information: www.ifco.com| Follow us on LinkedIn @IFCO SYSTEMS

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