Capital/Financing Update • Oct 31, 2023
Capital/Financing Update
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Ad hoc announcement pursuant to Art. 53 LR
Cicor Technologies Ltd / Key word(s): Financing
Successful renewal and increase of syndicated loan secures financing and provides room for future acquisitions
31-Oct-2023 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Bronschhofen, October 31, 2023 – Benefitting from the current market environment and to provide greater flexibility for day-to-day operations and further growth, Cicor Group (SIX Swiss Exchange: CICN) has signed a credit agreement on October 30, 2023 to refinance the existing portfolio and increase it to CHF 245 million.
Cicor's existing syndicated loan of CHF 155 million has been renewed at attractive conditions ahead of its maturity date of June 18, 2025 and increased to CHF 245 million. It consists of a new revolving credit facility of CHF 120 million and two acquisition facilities of CHF 75 million (already partially amortized) and CHF 50 million, as well as an additional optional acquisition credit line of CHF 75 million. The new credit agreement has a term of four years with two one-year extension options. The renewal of the revolving credit facility provides financial and liquidity security and increases Cicor's overall strategic flexibility.
The loan agreement was structured as a syndicated loan. The syndicate consists of a group of banks including Commerzbank AG as mandated arranger, agent, bookrunner and security agent, Landesbank Baden-Württemberg as arranger, HSBC Continental Europe S.A., Germany, Migros Bank AG, IKB Deutsche Industriebank AG and Raiffeisenlandesbank Oberösterreich AG.
In addition to an acquisition credit line of CHF 50 million, the new credit agreement contains an optional acquisition credit line in the amount of CHF 75 million, which, in the event of a future acquisition, is to be used to finance the purchase price as well as the working capital of the company to be acquired.
Contact
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
Media & Investor Relations
Phone +41 71 913 73 00
E-mail: [email protected]
The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 2,500 employees at 15 locations are serving leaders from the medical, industrial and aerospace & defence industries. Cicor creates value to its customers through the combination of customer-specific development solutions, high-tech components, as well as electronic device manufacturing. The shares of Cicor Technologies Ltd. are traded at the SIX Swiss Exchange (CICN). For further information, please visit the website www.cicor.com.
End of Inside Information
| Language: | English |
| Company: | Cicor Technologies Ltd |
| c/o Cicor Management AG, Gebenloostraße 15 | |
| 9552 Bronschhofen | |
| Switzerland | |
| Phone: | +41719137300 |
| Fax: | +41719137301 |
| E-mail: | [email protected] |
| Internet: | www.cicor.com |
| ISIN: | CH0008702190 |
| Valor: | 870219 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1760781 |
| End of Announcement | EQS News Service |
1760781 31-Oct-2023 CET/CEST
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