EVRY ASA -NEW FINANCING SECURED
(Thomson Reuters ONE) -
Oslo, 17 March 2015
Reference is made to the voluntary tender offer (the "Offer") for all shares
issued by EVRY ASA ("EVRY" or the "Company") made by the wholly owned subsidiary
of the Apax funds, Lyngen Bidco AS ("Lyngen"), and the notices for two
extraordinary general meetings of the Company distributed on 2 March 2015. The
Offer was settled on 16 March 2015 and Lyngen has become owner of approximately
88% of the shares in the Company.
As stated in the notice of the (second) extraordinary general meeting to be held
on 23 March 2015 (at 12:00 CET), the completion of the Offer constitutes a
change of control event in the Company's current financing facilities,
triggering the need for a renewed financing arrangement. EVRY has in conjunction
with the Offer completed a new financing, securing the group with market terms
financing for a new term of six to seven years. Current facilities expire during
2016, and would in any event have had to be refinanced.
The Company has today resolved to enter into a new financing arrangement with a
syndicate of banks with Wilmington Trust (London) Limited as agent and Bank of
America Merrill Lynch International Limited, Credit Suisse AG, London Branch,
DNB Bank ASA, Mizuho Bank Limited and Nordea Bank Norge ASA as arrangers.
The new financing consists of various tranches in an aggregate frame of NOK 5.5
billion, with maturity profiles of six and seven years. The new financing
ensures that EVRY achieves financial headroom at market rates with initial
margins in the range of 4 to 5%, with possibility for reduction given company
performance. The covenants are based on e.g. cash interest cover ratio (EBITDA
to net financial charges) above a range of 3.00:1 to 3.40:1 until 2020 and
above 3.40:1 thereafter, and leverage ratio (net interest bearing debt to
EBITDA) less a range from 5.20:1 to 3.10:1 until 2020 and below 3.10:1
thereafter.
Contact persons:
Geir Remman, VP Corporate Communications: + 47 970 55 017
Knut E Røsjorde, CFO: + 47 95 20 57 86
This information is subject of the disclosure requirements of section 5-12 of
the Norwegian Securities Trading Act.
* * *
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EVRY via GlobeNewswire
[HUG#1904213]
Unternehmensinformation / Kurzprofil:
Datum: 17.03.2015 - 16:04 Uhr
Sprache: Deutsch
News-ID 379202
Anzahl Zeichen: 2923
contact information:
Town:
Oslo
Kategorie:
Business News
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