Amadeus bondholders have flocked to Amadeus debt buyback. On September 14, the technology company invited the holders of two bond issues worth 500 and 750 million, respectively, to make a sale offer up to a maximum of 150 million euros.
A repurchase that sought to reduce the company’s high indebtedness. At the end of the first half of 2022, the net financial debt was 2,723.3 million euroswhich represented 2.2 times the operating profit recorded between June 2021 and June 2022, when traditionally this indicator was below one times the EBITDA.
Seven days later, the offer has exceeded all expectations, since the company, as reported to the National Securities Market Commission (CNMV), repurchased 250 million in bonds, 100 million more than initially planned. The purchases will be settled on September 26 and will be made in cash.
Despite returning to profit and recovering part of what has been lost since the coronavirus crisis broke out in March 2020, Amadeus is far from returning to or exceeding pre-pandemic levels, both in terms of billing and operating income. In the first half of 2022, ordinary income was close to 2.1 billion euros, double that of the same period in 2021, but still 25.7% below pre-crisis levels. The gap is even wider in adjusted profit. The 342 million euros achieved between January and June 2022 barely represent 52% of what was achieved in the same period of 2019.