Faiveley Transport Extends the Maturity of its Bank Debt and Strengthens its Financial Flexibility

General News Wednesday September 14, 2011 11:46 —General News

Faiveley Transport (Paris:LEY) announces that on 27 July 2011 an amendment to the syndicated facility established in December 2008 was signed. This amendment was unanimously granted by the nine participating banks, renewing their trust in the Group’s credit worthiness.

The total amount of debt financing remains identical, with an amortising term loan of ? 343 million (amount at the end of June 2010) and a revolving facility of ? 49 million.

The main amendments were as follows:

  • the extension of credit maturity by 2.5 years, to 23 June 2016, instead of 23 December 2013
  • a more favourable amortisation profile, with mandatory annual repayments of ? 35 million, compared to ? 49 million previously
  • new covenants providing additional flexibility, with maximum leverage (Net Debt / Equity) and gearing (Net Debt / Equity) ratios of 2.5x and 150%, respectively
  • the extended use of the revolving facility to fund acquisitions
  • the release of securities on shares of operating subsidiaries

This refinancing transaction was carried out with favourable financial conditions and will allow the Group to benefit from increased financial flexibility over the next five years, to continue its development, both through organic growth and mergers and acquisitions.

FAIVELEY TRANSPORT

3, rue du 19 mars 1962 - 92230 Gennevilliers

CONTACT: Faiveley Transport
Guillaume Bouhours, +33 (0)148136500
Financial Director

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