USG People optimises financing structure
(Thomson Reuters ONE) -
Almere, 15 October 2015 - USG People N.V. has taken advantage of the current
favourable market conditions with the successful early conclusion of a
? 450 million syndicated credit agreement on 14 October 2015. The agreement has
a tenor of five years and replaces the facility taken out in 2011 that had a
tenor until July 2016.
In light of the reduced credit requirement the available facility could be
lowered further from ? 500 million to ? 450 million. The agreement also includes
options to extend the tenor with a maximum of two times one year and to raise
the available amount by ? 150 million. The agreement was concluded with an
international syndicate of six leading banks, with ABN AMRO and ING as
bookrunning mandated lead arrangers.
The favourable conditions mean that the refinancing will result in a significant
reduction in annual financing expenses. The company's ? 60 million subordinated
loan was repaid early on 23 September 2015. Furthermore ? 30 million in long-
term receivables from the French government under the CICE scheme for 2013 and
2014 were sold to a financial institution in August 2015. The proceeds of this
sale were used to reduce the factoring of trade receivables (Q2 2015:
? 122.4 million). The company also intends to sell the CICE receivables for
2015 in order to further reduce the factoring of trade receivables and the
associated interest expenses.
In the past few years the total debt position of USG People has been
substantially improved and the balance sheet has been further strengthened. The
current financing structure and the positive operating cash flow provide ample
scope and security to be able to execute the strategic plans unhindered.
The optimisation will have a positive impact on net income from the fourth
quarter of 2015.
For more information, please contact:
Leen Geirnaerdt, CFO
Telephone: +31 (0)36 529 95 07
Disclaimer
This press release is available in Dutch and English. In the event of
ambiguities, the Dutch text shall prevail.
About USG People
With revenue of ? 2.4 billion in 2014 USG People is one of the largest providers
of HR services in Europe with established and recognisable international brands.
The brand portfolio comprises Start People, Unique, Secretary Plus,
USG Professionals and Solvus.
Headquartered in the Dutch city of Almere, USG People is active in Belgium,
France, Germany and the Netherlands. USG People is listed on the Euronext
Amsterdam stock exchange and is included in the AMX Index.
For more information on USG People or any of its operating companies, please
visit our website at www.usgpeople.com.
download press release in pdf format:
http://hugin.info/130803/R/1958959/713931.pdf
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(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: USG People NV via GlobeNewswire
[HUG#1958959]
Unternehmensinformation / Kurzprofil:
Datum: 15.10.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 427060
Anzahl Zeichen: 3602
contact information:
Town:
Almere
Kategorie:
Business News
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