Diebold Nixdorf Announces Debt Refinancing; Revises Operating Forecast

(RTTNews) - Diebold Nixdorf (DBD) announced entry into an agreement with key financial stakeholders to support transactions that would refinance certain debt with near-term maturities and provide the company with $400 million in new capital. Diebold Nixdorf also revised its operating forecast for full-year 2022 and its strategic operating model for 2023 and 2024.

Diebold Nixdorf entered into a Transaction Support Agreement with the holders of over a majority of its term loans and each series of outstanding secured and unsecured notes. The parties to the TSA have provided commitments, with respect to the full $400 million in additional financing.

For fiscal 2022, the company now expects adjusted EBITDA of approximately $293 million, revised from prior guidance range of $320 - $350 million. Total revenue is now estimated to be $3.50 billion, revised from prior guidance range of $3.55 - $3.75 billion.

Octavio Marquez, Diebold Nixdorf CEO, said: "By year-end 2022, backlog is expected to be at approximately $1.3 billion, which equates to securing approximately 80% of full-year 2023 Product revenue. Additionally, of our $2.1 billion Services business, 70% of revenues are recurring. This provides us with $1.4 billion in contract coverage of our full-year 2023 Services revenue."

Shares of Diebold Nixdorf are up 11% in pre-market trade on Thursday.