BÿWE SYSTEC secures financing through to the year 2011
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ BÿWE SYSTEC AG, the leading global provider of total solutions forhandling large volumes of mail, has concluded agreements with itsfinancers under which they will not only initially extend theexisting lines of credit to 30.4.2011 but also be making additionalfunds available in the double figure million range. The Kreditanstaltfür Wiederaufbau KfW will be providing a significant portion of thenew funds which will be used primarily to replace an existing loan inconnection with the acquisition of the shareholding in BÿWEBELL+HOWELL. In this context the company has succeeded in agreeing areplacement figure approximately ? 10 million lower than the amountof the loan. This will reduce the net debt of the BÿWE SYSTEC Groupaccordingly and consequently achieve an important step towardsimproved ratios between earnings before interest, taxes anddepreciation (EBITDA) on the one side and interest-bearingliabilities on the other.The Management Board would like to thank the financers involved inthe negotiations for their constructive attitude and their confidencein the company, without whose help the results that have now beenachieved would not have been possible. "Given the current situationon the international financial markets, a promise of financing for aperiod of nearly two years must be seen as a very positive sign asthis will guarantee the necessary stability in terms of financialmanagement for the further implementation of the current programdesigned to increase the earnings power whilst simultaneouslyreducing the level of debt", stated the Chairman of the company'sManagement Board, Oliver Bialowons.The key aim of the restructuring program is to achieve a clearreduction in the existing level of net debt in order to get back tothe "Investment Grade" credit rating level.For the current fiscal year 2009 the Management Board plans to post amarked improvement in the operating results by comparison with theprevious year. The progress of the fiscal year to-date confirms thatthe Group is on target to achieve this objective.More detailed information will be given during the company's AnnualGeneral Meeting which will be held in Augsburg on August 25, 2009.Augsburg, August 3rd, 2009BÿWE SYSTEC AGBoard of Directorshttp://hugin.info/130395/R/1332120/315425.pdf --- End of Message ---BÿWE SYSTEC AGInvestor Relations
Werner-von-Siemens-Str. 1 Augsburg WKN: 523970 ; ISIN: DE0005239701; Index: CDAX, CLASSIC All Share, Prime All Share;Listed: Freiverkehr in Börse Berlin, Freiverkehr in Börse Stuttgart, Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 03.08.2009 - 08:30 Uhr
Sprache: Deutsch
News-ID 4247
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