Imtech completes its debt reduction programme
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Royal Imtech completes its debt reduction programme with the conclusion of the
rights issue, the closing of sale of the ICT division and the implementation of
the amended financial agreements. The net cash proceeds of these transactions
will be used for debt reduction and enhancement of the liquidity of the group.
The company has now addressed the financial situation and can now focus fully on
improvement of operational results and the completion of the turnaround
programme.
Conclusion of the rights issue
The rights issue of approximately 600 million euro was concluded on 27 October
by the issue of the new shares. The result is a strengthened and positive equity
position for the company. The net cash proceeds amounted to approximately 567
million euro. On 28 October, our shares have been consolidated at a ratio of
500 for 1 and now have a nominal value of 5.00 euro per share.
Closing of the sale of the ICT division
Today, we closed the sale of the ICT division to VINCI Energies at an enterprise
value of 255 million euro. The immediate cash proceeds from the divestment are
188 million euro. The difference between the enterprise value and immediate cash
proceeds relate to a 26 million euro guarantee deposit, customary finance
adjustments and transaction costs.
Implementation of amended financial agreements
With the implementation of the above deleveraging, the previously announced
amendments of the financial agreements became effective. The amendments include:
- A step-down on pricing for each financier class. The revised pricing for the
revolving credit facility and bilateral credit facilities amounts to euribor
plus 3.75% (previously 7.5%), for the senior notes the interest is around 7%
(previously around 10%) and guarantee fees amount to 1.9%-2.25% (previously
3.75%-4.5%).
- A covenant holiday for all covenants up to and including Q1 2016.
- Additional liquidity buffer for the company of 100 million euro.
- Maturity extension for all credit and guarantee facilities until 15 July 2017.
Taken together with the significant reduction in debt, the revised interest
rates will result in a substantial reduction in financing costs. More details on
the impact on the financial position of the group will be communicated as part
of the third quarter results, which will be released on 18 November 2014.
Debt buyback programme
On 6 October, we received a substantial number of offers to purchase debt. As
the market take-up of the rights issue was above 50%, we will realise the
maximum benefit of this debt buyback programme for which approximately 117
million euro is available. We will accept offers of up to an aggregate par value
of approximately 146 million euro at an average weighted price of approximately
79%. The resulting capital gain of approximately 30 million euro will be
recorded in Q4 2014.
With this package of financial measures, Imtech has realised one of its key
priorities for 2014 and fulfilled its deleveraging commitment of 400 million
euro. Any previously agreed contingent penalties (non-cash fees and issuance of
warrants) related to non-fulfilment of this commitment have been cancelled in
the meantime.
More information
Media: Analysts & investors:
Dorien Wietsma Jeroen Leenaers
Director Corporate Communication & CSR Director Investor Relations
T: +31 182 54 35 53 T: +31 182 543 504
E: dorien.wietsma(at)imtech.com E: jeroen.leenaers(at)imtech.com
www.imtech.com www.imtech.com
Imtech profile
Royal Imtech N.V. is a European technical services provider in the fields of
electrical solutions, automation and mechanical solutions. With approximately
23,000 employees, Imtech holds attractive positions in the buildings and
industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria,
Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the European
market of Traffic as well as in the global marine market. Imtech offers
integrated and multidisciplinary total solutions that lead to better business
processes and more efficiency for customers and the customers they, in their
turn, serve. Imtech also offers solutions that contribute towards a sustainable
society - for example, in the areas of energy, the environment, water and
traffic. Imtech shares are listed on the Euronext Amsterdam.
Disclaimer
Please read this carefully as it applies to all persons who read this press
release. This press release contains information and documents relating to an
offer, through a rights issue, of new shares of Royal Imtech N.V. You may not be
eligible to view the contents of that information and those documents.
Accordingly, if you wish to read this information you must first inform yourself
about and then observe the statutory and regulatory requirements applicable to
you and to your jurisdiction. In order to establish whether or not you may view
the information and documents please read the disclaimer below in full.
This press release is not for release, distribution or publication, whether
directly or indirectly and whether in whole or in part, into or in the United
States, Australia, Canada or Japan or any (other) jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.
This press release is for information purposes only and is not intended to
constitute, and should not be construed as, an offer to sell or a solicitation
of any offer to buy securities of Royal Imtech N.V. (the "Company", and such
securities, the "Securities") in the United States, Australia, Canada or Japan
or in any other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration, exemption from registration or qualification
under the securities laws of such jurisdiction.
The Securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") and will not be
registered with any authority competent with respect to securities in any state
or other jurisdiction of the United States. The Securities may not be offered or
sold in the United States absent registration or an exemption from registration
under the U.S. Securities Act. The Company has registered no part of the
offering of the Securities in the United States or any other jurisdiction, nor
has it the intention to do so. The Company has no intention to make a public
offering of Securities in the United States or in any other jurisdiction other
than the Netherlands.
The Company has not authorised any offer to the public of Securities in any
Member State of the European Economic Area other than the Netherlands. With
respect to any Member State of the European Economic Area, other than the
Netherlands, and which has implemented the Prospectus Directive (each a
"Relevant Member State"), no action has been undertaken or will be undertaken to
make an offer to the public of Securities requiring publication of a prospectus
in any Relevant Member State. As a result, the Securities may only be offered in
Relevant Member States (i) to any legal entity which is a qualified investor as
defined in the Prospectus Directive; or (ii) in any other circumstances falling
within Article 3(2) of the Prospectus Directive. For the purpose of this
paragraph, the expression "offer of securities to the public" means the
communication in any form and by any means of sufficient information on the
terms of the offer and the Securities to be offered so as to enable the investor
to decide to exercise, purchase or subscribe for the securities, as the same may
be varied in that Member State by any measure implementing the Prospectus
Directive in that Member State and the expression "Prospectus Directive" means
Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to
the extent implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State.
No action has been taken by the Company that would permit an offer of Securities
or the possession or distribution of these materials or any other offering of
publicity material relating to such Securities in any jurisdiction where action
for that purpose is required.
The release, publication or distribution of this press release in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which they are released, published or distributed, should
inform themselves about, and observe, such restrictions.
This press release does not constitute a prospectus within the meaning of the
Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) and
does not constitute an offer to acquire securities.
Any offer to acquire Securities pursuant to the proposed offering will be made,
and any investor should make his investment, solely on the basis of information
that is contained in the prospectus that has been made generally available in
the Netherlands in connection with such offering. Copies of the prospectus may
be obtained at no cost from the Company or through the website of the Company.
ING, Rabobank, Commerzbank and ABN AMRO act exclusively for the Company and no-
one else in connection with any offering of Securities and will not be
responsible to anyone other than the Company for providing the protections
afforded to the customers of ING, Rabobank, Commerzbank and ABN AMRO or for
providing advice in relation to any offering or any transaction or arrangement
referred to herein.
PDF: Press Release:
http://hugin.info/130755/R/1867046/655980.pdf
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Source: Imtech via GlobeNewswire
[HUG#1867046]
Unternehmensinformation / Kurzprofil:
Datum: 30.10.2014 - 08:46 Uhr
Sprache: Deutsch
News-ID 348239
Anzahl Zeichen: 11301
contact information:
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