Ordina announces new senior financing facility of EUR 55 million
(Thomson Reuters ONE) -
Nieuwegein, the Netherlands, 10 November 2011
Highlights
· Agreement on key terms of new five-year, EUR 55 million senior
financing facility with ABN AMRO, ING and NIBC;
· New senior financing facility to replace current EUR 120 million
facility;
· With the new senior financing facility, combined with the previously
announced EUR 40 million share issue, Ordina realizes its desired capital
structure.
Stépan Breedveld, CEO Ordina
"We have worked hard over the past few months to build a strong foundation for
Ordina's future. Strengthening our capital structure was a key issue on the
management agenda. We have solved this issue with the previously announced
rights issue of EUR 40 million and with the new senior financing facility which
we announce today. We will replace the current senior financing facility of EUR
120 million with a new senior financing facility of EUR 55 million, in parallel
with the rights issue we announced on 7 October 2011. With this strengthened
capital structure, Ordina has a solid financial base. A solid foundation that
enables us to fully on our customers."
Details
Ordina signed a term sheet with ABN AMRO, ING and NIBC for the EUR 55 million
committed senior financing facility on 9 November 2011; a detailed financing
agreement will be completed over the coming weeks. The facility will replace the
current EUR 120 million facilities, entered into with ING, Rabobank, ABN AMRO
and NIBC. The new financing facility will consist of a three-year term loan of
EUR 20 million and a five-year revolving facility of EUR 35 million. The
facility will be subject to the following conditions: (i) a signed financing
agreement, (ii) approval of the share issue by the Extraordinary Meeting of
Shareholders, (iii) completion of the rights issue and (iv) other conditions
common for transactions of this type.
The covenant for the ratio of net debt to adjusted EBITDA will remain at 2.5
until 1 October 2012. The following ratios will apply subsequently:
+--------------------------------+---------------------------------+
| Period | Senior net debt/EBITDA covenant |
+--------------------------------+---------------------------------+
| 1 October 2012 - 30 June 2013 | 2.00 |
+--------------------------------+---------------------------------+
| 1 July 2013 - 31 December 2013 | 1.50 |
+--------------------------------+---------------------------------+
| From 1 January 2014 | 1.25 |
+--------------------------------+---------------------------------+
In addition, the interest coverage ratio will develop as follows:
+-----------------------------------+--------------+
| Period | ICR covenant |
+-----------------------------------+--------------+
| 1 January 2012 - 31 March 2012 | 2.50 |
+-----------------------------------+--------------+
| 1 April 2012 - 30 June 2012 | 3.00 |
+-----------------------------------+--------------+
| 1 July 2012 - 30 September 2012 | 3.50 |
+-----------------------------------+--------------+
| 1 October 2012 - 31 December 2012 | 4.00 |
+-----------------------------------+--------------+
| From 1 January 2013 | 5.00 |
+-----------------------------------+--------------+
ABN AMRO was mandated as lead arranger and coordinator.
Ordina has engaged Bank Oyens & Van Eeghen as financial advisor in this
transaction.
About Ordina
Ordina is a specialist knowledge provider. Our coherent offering of consulting,
ICT and application outsourcing services helps lay the foundation for our
clients' future success. Ordina assists clients in achieving their strategic
targets, and resolving social and ethical issues. Our knowledge of the local
market and business processes, combined with our inventive approach to ICT
solutions, enables clients to boost their competitive ability and their
strength. Our professionals, who work in multidisciplinary teams, forge close
ties with clients. We provide our services in the Benelux to organisations
operating in finance, the public sector, healthcare and industry. Ordina N.V.
was incorporated in 1973. Its shares are listed on Amsterdam's Euronext Stock
Exchange, where they are included in the Midkap Index.
More information
Ordina N.V.
Pieter Schaffels, Director of Corporate Communications & Investor Relations
Tel: +31 (0)30 663 7402
www.ordina.com
In case of any discrepancies between this version and the original Dutch
version, the Dutch version prevails.
This document contains pronouncements forecasting the future financial
performance of Ordina N.V. and outlines specific plans, targets and ambitions
based on current insights. Obviously, such forecasts are not without risk; they
entail a relative degree of uncertainty since no guarantees exist on future
circumstances. There are many factors that could potentially affect the actual
performance and forecasts, causing them to deviate from the situation described
in this document. Such factors include: general economic trends, the pace of the
globalisation of the consulting, ICT and application outsourcing markets, the
growing number of projects with bottom-line responsibility, scarcity on the
labour market, and future acquisitions and disposals.
These materials are 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.
These materials are for information purposes only and are not intended to
constitute, and should not be construed as, an offer to sell or a solicitation
of any offer to buy the securities of Ordina N.V. (the "Issuer", and such
securities, the "Securities") in the United States 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 are not and will not be registered under the U.S. Securities Act
of 1933, as amended (the "US Securities Act") and will also not be registered
with any authority competent with respect to securities in any state or other
jurisdiction of the United States of America. The Securities may not be offered
or sold in the United States of America without either registration of the
securities or an exemption from registration under the US Securities Act being
applicable. The Company has registered no part of the offering of the Securities
in the United States of America 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.
The Issuer 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 Issuer that would permit an offer of Securities
or the possession or distribution of these materials or any other offering or
publicity material relating to such Securities in any jurisdiction where action
for that purpose is required.
The release, publication or distribution of these materials 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.
An 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 will be contained in the prospectus to be made generally available in the
Netherlands in connection with such offering. When made generally available,
copies of the prospectus may be obtained at no cost from the Issuer, ING Bank
N.V. ("ING") or through the website of Euronext Amsterdam and/or the Issuer.
ING exclusively acts for the Issuer and no-one else in connection with any
offering of Securities and will not be responsible to anyone other than the
Issuer for providing the protections afforded to the customers of ING or for
providing advice in relation to any offering or any transaction or arrangement
referred to herein.
Persbericht - Ordina kondigt nieuwe senior financieringsfaciliteit...:
http://hugin.info/130778/R/1562744/484275.pdf
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Source: Ordina via Thomson Reuters ONE
[HUG#1562744]
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 86222
Anzahl Zeichen: 11427
contact information:
Town:
Nieuwegein
Kategorie:
Business News
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