Belgium-based HR services firm House of HR announced a brief trading update reporting that EBITDA for the six months ended 30 June 2019 is slightly ahead ofEBITDA of the same period in 2018 and is in line with budget for this year thus far.

House of HR also announced in July 2019 that it successfully completed a refinancing exercise with a value of €970 million. The funding is made up of a loan of €550 million over seven years, a cash credit to the amount of €100 million and a €320 million bond to be issued at the same time.

“The new cash will go to pay off existing debts, finance a shareholder capital reduction and at the same time ensure the flexibility needed for the HR group’s future growth plans,” the company stated.

Rika Coppens, CEO of House of HR, explained the purpose of the refinancing, “On the one hand, we want to pay off an existing loan of €600 million ahead of time. Secondly, we want to use it to pay a capital reduction to all shareholders, including our majority shareholder Naxicap Partners. Above all, however, with this financing round we want to create the flexibility we need to achieve our plans for fast growth in the near future. The capital reduction for our shareholders and the new funding give us peace of mind in carrying out the strategic growth plan we envisage for the next 3 to 5 years, with Naxicap at our side.”

The company has previously stated that it is “jointly working on the creation of a €2 billion company by 2020 with the aim and determination of making an impact on the future of work and HR services, combining the convenience and speed of technology with the warmth and talent of human contribution.”