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Diebold Nixdorf: Can Significant Unencumbered Assets Overcome Massive Maturity Wall?
Join Reorg on Thursday, June 23, at 12 p.m. ET as we discuss Diebold Nixdorf in the latest installment of our webinar series. Our coverage team will provide an overview of the significant headwinds in front of Diebold as it faces a massive maturity wall in the next two to three years. During its first-quarter earnings call, the company announced that it had retained Evercore and Sullivan & Cromwell to assist in its refinancing efforts, after reporting a 90.6% year-over-year adjusted EBITDA decline in the first quarter on a 12.1% year-over-year net sales decrease.

A significant portion of Diebold’s net sales and operating profits are generated outside of the United States, and a notable portion of its assets reside abroad. Its foreign assets outside of the United States are not pledged to secure its $2.385 billion of total debt as of March 31. Certain nuances complicate matters further, as Switzerland-domiciled Diebold Self Service Solutions LLC serves solely as a credit agreement borrower while not providing support to the company’s remaining debt. Diebold’s organizational chart contains additional nuances which Reorg will discuss further in the webinar.

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Have questions you'd like answered during the webinar? Submit them in advance to marketing@reorg.com and include "Diebold" in the subject line.

00:53:00

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Speakers

Mark Fischer
Director of Credit Research @Reorg
Simran Bal
Corporate Credit Analyst @Reorg
Peter Washkowitz
Head of Americas Covenants @Reorg