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09.07.2018 – 07:09

CEVA Logistics AG

EQS-Adhoc: CEVA Logistics Commences Refinancing

EQS Group-Ad-hoc: CEVA Logistics AG / Key word(s): Financing
CEVA Logistics Commences Refinancing

09-Jul-2018 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.


CEVA Logistics Commences Refinancing

Baar, Switzerland, 9 July 2018 - CEVA Logistics ("CEVA" or the "Company"), one
of the world's leading asset-light third-party logistics companies, announced
today the proposed refinancing of the majority of its existing debt facilities
with the objective of achieving lower interest rates, longer maturities and
enhanced liquidity to pursue its strategy.

CEVA proposes to offer, subject to market conditions and other factors, $400
million in aggregate principal amount of Secured Term Loan B due 2025 (the "New
Loan") in a private offering. It also plans to enter into a new $600 million
Senior Revolving Credit and Ancillary Facility due 2023 (the "RCF") and has
received commitments from its new banking group to this extent. An additional
offering of debt, including by way of senior secured notes, contemplated in Euro
and in an amount of approximately $350 million, might follow at a later stage.
CEVA reserves the right to vary the terms and amounts of the New Loan, the RCF
and any other debt, including notes, it may incur concurrently with the proposed
refinancing based on market conditions or otherwise.

The Company expects to use the net proceeds from the refinancing, together with
available cash, to fully repay its existing senior secured credit facilities as
well as for general corporate purposes - it intends to repay all the outstanding
approximately $580 million aggregate principal amount of its term loans due
2021, to make a tender offer to repurchase for cash and/or redeem all of the
outstanding approximately $438 million aggregate principal amount of its 9%
first lien senior secured notes due 2020 as well as to cancel certain local
loans and overdrafts. There can be no assurance that the refinancing will be

CEVA received rating upgrades from S&P Global Ratings and Moody's Investors
Service in May 2018 following the deleveraging from the IPO and improved
operating performance. S&P's long-term issuer rating now stands at BB- with
positive outlook, whilst Moody's has assigned a corporate rating of B1 stable.

Assuming a successful completion of the refinancing, CEVA expects to
substantially lower its annual interest expense through the deleveraging and the
refinancing. The Company is committed to further deleveraging with a target of
1.5x-2.0x net debt/adjusted EBITDA in the medium-term.

Credit Suisse and HSBC are acting as Joint Global Coordinators across the

Any notes have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered or sold in
the United States absent registration or an applicable exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.

Any offering of notes will be offered and issued only (i) in the United States,
to persons who are "qualified institutional buyers" (as defined in Rule 144A
under the Securities Act) and (ii) outside the United States, to persons who are
not "U.S. persons" (as defined in Rule 902 under the Securities Act) in reliance
on Regulation S of the Securities Act other than retail investors in the
European Economic Area, whereby a retail investor is defined as a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1)
of Directive 2014/65/EU, as amended; or (ii) a customer within the meaning of
Directive 2002/92/EC, as amended, where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Directive 2003/71/EC, as amended.

This announcement is for information purposes only and shall not constitute an
offer to sell or the solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale of any securities in any jurisdiction
in which such offering, solicitation or sale would be unlawful. Any offering of
notes is not being made to potential purchasers in any jurisdiction in which the
making or acceptance thereof would not be in compliance with the securities,
blue sky or other laws of such jurisdiction. As regards the United Kingdom, this
announcement, and any other material related thereto, is being distributed for
information purposes only and its distribution is not, nor is it intended to be,
a communication of an invitation or inducement to engage in investment activity.
Without prejudice to the foregoing, this announcement and other material are
directed only at persons who: (i) fall within the definition of investment
professional under article 19(5) of the United Kingdom Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial
Promotion Order"); or (ii) are high net-worth entities and other persons falling
within article 49(2)(a) to (e) of the Financial Promotion Order; or (iii) are
persons falling within article 43 of the Financial Promotion Order; or (iv) are
persons to whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000
(as amended)) in connection with the issue or sale of any New Notes may
otherwise be lawfully communicated or caused to be communicated (all such
persons together being referred to as "Relevant Persons"). This announcement is
directed only at Relevant Persons and must not be acted on or relied on by
persons who are not Relevant Persons. Any investment or investment activity to
which this press release relates is available only to Relevant Persons and will
be engaged in only with Relevant Persons.

This announcement is not a public offering or an offer of securities to the
public in any jurisdiction, including, but not limited to Switzerland or any
European Economic Area member state that has implemented Directive 2003/71/EC,
and any amendments thereto (together with any applicable implementing measures
in any member state).

MiFID II professionals/ECPs-only / No PRIIPs KID - Manufacturer target market
(MIFID II product governance) is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information document
(KID) has been prepared as not available to retail in EEA.


For additional information please contact:

Pierre Benaich
SVP Investor Relations
+41 41 547 0048

David Urbach
SVP Corporate Development
+41 799 333 083

Cathy Howe
Pilot Marketing
Tel: +44 (0)208 941 5381

CEVA - Making business flow
CEVA Logistics, a global asset-light third-party logistics company, designs and
operates industry leading supply-chain solutions for large and medium-size
national and multinational companies. Its integrated network in Freight
Management and Contract Logistics spans more than 160 countries. Approximately
56,000 employees are dedicated to delivering effective solutions across a
variety of industry sectors where CEVA applies its operational expertise to
provide best-in-class services. CEVA generated revenue of $7 billion and
adjusted EBITDA of $280 million in 2017. CEVA Logistics is listed on SIX Swiss
Exchange under ticker symbol CEVA. For more information, please

Safe Harbor Statement:
This news release contains specific forward-looking statements. These
forward-looking statements include, but are not limited to, discussions
regarding the proposed refinancing described above, including any future
offering of notes, its guidance for 2018 and beyond, discussions regarding
industry outlook, CEVA's expectations regarding the performance of its business
or joint ventures, its liquidity and capital resources, and other non-historical
statements. These statements can be identified by the use of words such as
"believes" "anticipates," "expects," "intends," "plans," "continues,"
"estimates," "predicts," "projects," "forecasts," and similar expressions. All
forward-looking statements are based on management's current expectations and
beliefs only as of the date of this news release and, in addition to the
assumptions specifically mentioned in the above paragraphs, there are a number
of factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements, including
the effect of local and national economic, credit and capital market conditions,
a downturn in the industries in which we operate (including the automotive
industry and the air freight business), risks associated with CEVA's global
operations, fluctuations and increases in fuel prices, CEVA's substantial
indebtedness, restrictions contained in its debt agreements and risks that it
will be unable to compete effectively. Further information concerning CEVA and
its business, including factors that potentially could materially affect CEVA's
financial results, is contained in the annual and quarterly reports of CEVA
Logistics AG (and its predecessor CEVA Holdings LLC), available on the Company's
website, which investors are strongly encouraged to review. Should one or more
of these risks or uncertainties materialise or the consequences of such a
development worsen, or should underlying assumptions prove incorrect, actual
outcomes may vary materially from those forecasted or expected. CEVA disclaims
any intention or obligation to update publicly or revise such statements,
whether as a result of new information, future events or otherwise.

End of ad hoc announcement------------------------------------------------------

702503  09-Jul-2018 CET/CEST