Camposol executes an amendment to the Credit Suisse bank loan
(Thomson Reuters ONE) - On 24 November 2009, Camposol has executed an amendment to the USD 65million loan agreement with Credit Suisse, with the following mainagreed upon terms: * The interest rate increased from 9.85% to 11.85%. * The cost of the amendment was USD 1.0 million which includes Credit Suisse fees and legal fees.* The principal payments were reduced by USD 1 million to USD 5.4 million in 2009, by USD 8.1 million to USD 5.8 million in 2010, by USD 0.1 million to USD 15.3 million in 2011, and increased by USD 9.2 million to USD 15.5 million plus a balloon payment of USD 16.0 million in 2012. * The new loan agreement has a mandatory prepayment clause in case the company generates enough free cash flow to have cash position over USD 5 million is 2009 and 2010, and USD 7 million in 2011 until maturity. * The new financial covenants levels are: * Maximum Capex: 50% of prior year EBITDA or USD 4 million, whichever is greater. * Maximum Total Debt: shall not exceed in 4Q09 USD 74.0 million; 1Q10 USD 73.0 million; 2Q10 USD 71.0 million; 3Q10 USD 70.0 million; 4Q10 USD 70 million; thereafter USD 67.0 million; provided further that upon any mandatory prepayment the levels of this covenant will be reduced by such prepayment. * LTM EBITDA/LTM interest expense shall be lower than: 4Q09 1.30x; 1Q10 1.30x; 2Q10 2.00x; 3Q10 2.50x; 4Q10 2.75x; thereafter 3.00x * Total Debt/LTM EBITDA shall not exceed 6.50x in 4Q09, 5.75x in 1Q10, 4.50x in 2Q10, 3.40x in 3Q10, 3.00x in 4Q10 and 2.50x thereafter.All covenants refer to Camposol S.A. figures, which is the mainoperating company of the Camposol group.For queries, please contact:CEO, Juan Jose Gal'Linojgalino(at)camposol.com.peCFO, Piero Dyer Coriatpdyer(at)camposol.com.pePhone: +511 621-0804Fax: +511 221-4478About CamposolCamposol is the leading agroindustrial company in Peru, involved inthe cultivation, processing and commercialization of agriculturalproducts such as asparagus, sweet peppers, avocado, mango, grapes andtangerines. These are exported as fresh, preserved or frozen productsmainly to markets in Europe and the United States of North America.Camposol encompasses a totally integrated business from theproduction of raw material in the fields to processing in theindustrial plant and subsequent commercialization in Europe and theUnited States. Camposol has around 25,000 own hectares of which over6,000 are already used for agricultural purposes, operates in 2different locations in the Peruvian coast, and has one fully ownedprocessing plant for fresh, preserved and frozen products. Thecompany has around 10,000 part and full time employees.Please visit www.camposol.com.peThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 25.11.2009 - 03:40 Uhr
Sprache: Deutsch
News-ID 8803
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