Diebold Nixdorf secures a $650 million loan to shore up finances
ATM maker Diebold Nixdorf has obtained $650 million in financing as part of a plan to stabilize operations after two straight quarters of losses.
Diebold Nixdorf will use the funds to buy the remaining shares of its Germany subsidiaries, repay debt and undertake operational improvements, according to a recent press release.
The company’s “DN Now” plan aims to reap more than $200 million in savings by streamlining existing solutions and introducing new product capabilities and cloud-based software and services.
“This transaction provides support as we continue to streamline our operating model and realize other cost savings through 2019,” said Christopher Chapman, Diebold Nixdorf’s CFO, in the release.
Diebold Nixdorf on Aug. 1 lowered its profit forecast for the coming year.
The Canton, Ohio-based company that has been working to shift from its legacy as an ATM hardware maker to a supplier of software and services borrowed funds from GSO Capital Partners and Centerbridge Partners, using $250 million immediately to reduce existing loan terms and satisfy revolving debt.