DP Poland agrees financing with BNP Paribas for production upgrades

(Alliance News) - DP Poland PLC on Thursday reported new financing arrangements with the Polish arm of Parisian lender BNP Paribas SA.

DP Poland holds the master franchise rights to the Domino's brand in Poland and Croatia.

It has secured a five-year non-revolving loan of up to PLN5 million, which is roughly GBP1.0 million, alongside a one-year overdraft facility of up to PLN7 million, and a one-year revolving framework for PLN3 million.

The funds will go towards modernising the company's warehouse in Lodz, Poland, and allow the pizza franchise to "consolidate dough production into a single site," it said.

"They will also support the continued conversion of Pizzeria 105 restaurants to the Domino's system, an important step in the group's strategy to scale beyond 200 locations," DP Poland said.

Mastagrupa SA, the subsidiary running Pizzeria 105 sites, is acting as guarantor to DP Poland's borrower as part of the new arrangements, with BNP Paribas Bank Polska SA as lender. For the loan facility, Mastagrupa is providing a guarantee of up to PLN7.5 million. For the overdraft and framework arrangements, it guarantees up to PLN10.5 million and PLN450,000 respectively.

"Selected enterprise assets will be pledged as collateral up to PLN 18 million, together with standard security over bank accounts," DP Poland added.

It also noted that the arrangements require a maximum 3.5 times net debt to earnings before interest, tax, depreciation and amortisation ratio. The company booked a 1.5x net debt/Ebitda ratio, as of September 30.

Chief Executive Nils Gornall commented: "These new facilities from BNP Paribas provide increased financial flexibility as we continue our operational upgrade programme and accelerate the conversion of Pizzeria 105 sites. The support of a major banking partner underscores confidence in our strategy and in the long-term growth prospects for Domino's in both Poland and Croatia."

DP Poland were untraded on Friday morning in London.

By Holly Munks, Alliance News reporter

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