NIEUWEGEIN, the Netherlands, June 17, 2015 /PRNewswire/ --
Ballast Nedam has now signed and formalized the refinancing contract, which was agreed at the end of April. The refinancing was realised with the cooperation of the banking syndicate consisting of ING Bank, Rabobank and the Royal Bank of Scotland and Sanderink Investments B.V. and consists of:
- two bridge loans granted by Sanderink Investments and the banking syndicate totalling €20 million until completion of the rights issue in the second half of 2015;
- a subordinated bank loan of €10 million expiring on 31 March 2017;
- a subordinated bank loan of €43 million expiring on 31 March 2017;
- a revolving credit facility of €8.9 million expiring on 31 December 2015; and
- a committed guarantee facility of initially €261 million, which will be phased out based on scaling back of the large infrastructure projects A2 Maastricht and A15 Maasvlakte-Vaanplein.
Three financial covenants apply to the facilities, which will be measured on a quarterly basis starting from the third quarter of 2015: a guarantee capital floor, a net cash floor and an EBITDA floor.
Ballast Nedam intends to complete the €20 million rights issue which was announced, in the second half of 2015. The rights issue and the necessary reduction of the nominal value will be submitted to the General Meeting of Shareholders for approval on 29 June 2015.
Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing and mobility in the Netherlands and internationally. We also work on projects where we can make a difference for the client with our expert knowledge and skills. Ballast Nedam applies a differentiated market approach for its three divisions.
With further industrialization of the building process through the use of innovative modular concepts and standardization Ballast Nedam creates enduring quality at the lowest possible life cycle costs for its clients and society. The Ballast Nedam share is included in the Amsterdam Small Cap Index (AScX) of Euronext. http://www.ballast-nedam.com
SOURCE Ballast Nedam