NEW YORK and TORONTO and MARSEILLE, France, July 13, 2021 / PRNewswire / – Marathon Asset Management today announced the closing of a $ 100 million Senior secured bond financing to Foraco International SA (the “Company” or “Foraco”), one of the world’s leading providers of mineral drilling services. The proceeds from the financing repaid existing debt and provided additional liquidity and growth capital as the Company executes its long-term business plan. The transaction also enabled Foraco to significantly reduce its outstanding net debt.

Founded in 1997 and based in Marseille, France, Foraco provides turnkey solutions for mining, power, hydro and infrastructure projects, and is listed on the Toronto Stock Exchange (TSX: FAR). The company has become the 3rd largest drilling company in the world with operations in 22 countries on five continents.

Michel alexandre, Managing Director of Capital Solutions Group of Marathon Asset Management, said: “We are confident that Foraco is well positioned to provide critical drilling services to its clients and to capitalize on many exciting growth opportunities in the years to come for a number of different products. the company has shown its resilience during the COVID crisis, and we believe it is now well positioned for growth. Marathon welcomes this partnership with Foraco and its management team. “

Co-CEO of Foraco Daniel Simoncini commented: “In addition to the current favorable market conditions, our improved capital structure gives us sufficient capacity to pursue profitable growth strategies and to continue to rely on the high quality service offering that we have constantly improved. over the past decades. We are particularly proud to have brought value to our shareholders through this transaction, and we renew our gratitude to our dedicated Foraco teams. “

Foraco co-CEO and CFO Jean-Pierre Charmensat added: “The completion of the early redemption of its outstanding bonds is an important step for Foraco. The transaction is accretive for the shareholders of the company. It is the culmination of meticulous and focused hard work over the past several years to reshape and reduce the risks of the Company’s balance sheet and improve equity value. As previously mentioned, the Company’s debt profile will be significantly improved, financial constraints will be relaxed and debt maturities will be extended until the end of 2025. “

About Marathon Asset Management LP

Marathon Asset Management LP is a global credit manager with $ 22 billion euros in assets under management. The company was established in 1998 by Chairman and CEO Bruce Richards and CIO Louis Hanover and now has 160 employees in offices in New York, London and Tokyo. Marathon’s core competence is opportunistic investing in global corporate, emerging and structured credit markets. Its Capital Solutions platform specializes in the design of tailor-made private credit operations for companies in transition and seeks to invest $ 50 million to $ 500 millions per transaction. Marathon provides partnership capital to sponsors and management teams primarily in the form of senior guaranteed unitranche loans, junior senior debt, mezzanine debt, convertible bonds and preferred shares. For more information, please visit www.marathonfund.com.

About Foraco

Foraco International SA (TSX: FAR) is a leading global drilling services company providing turnkey solutions for mining, power, hydro and infrastructure projects. Supported by its founding values ​​of integrity, innovation and involvement, Foraco has become the 3rd largest drilling company in the world with operations in 22 countries on five continents. For more information on Foraco, visit www.foraco.com.

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SOURCE Marathon Asset Management

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