AI assistant
Componenta Oyj — Capital/Financing Update 2012
Mar 20, 2012
3307_rns_2012-03-20_ce26f668-92e3-4a3e-921c-f55b9e8786ab.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
STOCK EXCHANGE RELEASE
20.3.2012 at 11.51
Componenta signs one-year extension for the current syndicated loan
Componenta has signed a one-year agreement extension to the current syndicate loan of EUR 164 million. The original due date of the loan was on 28 June 2012. The counter-parties of the syndicated loan are the same financier banks Pohjola, Swedbank, Nordea, Unicredit, RBS, HSH Nordbank and Danske Bank. During 2012 Componenta will amortize the syndicated loan to more than half of its current amount.
Componenta will strengthen its balance sheet in 2012 through a share issue of EUR 10-20 million starting on 20 March 2012 and by issuing a hybrid bond of EUR 20 million and by selling off the unit in Manisa, Turkey, that produces aluminium wheel for passenger cars. Through these measures combined with the cash flow from operations in 2012, the Group estimates it can reduce its interest-bearing debt by about one third.
The selling preparations of the Manisa Wheels business unit have proceeded as expected. The investment bank Augusta & Co. was hired to prepare the sale of the unit. The target is to finalize the sale of Manisa Wheels during summer 2012.
Componenta's intention is to re-finance the syndicate loan by the end of 2012 through a new long term financing, which is estimated to be some EUR 90 million.
Helsinki, 20 March 2012
COMPONENTA CORPORATION
Heikki Lehtonen President and CEO
For further information, please contact:
Heikki Lehtonen President and CEO tel. +358 10 403 2200
Mika Hassinen CFO tel. +358 10 403 2723
Componenta is a metal sector company with international operations and production plants located in Finland, Turkey, the Netherlands and Sweden. The net sales of Componenta were EUR 576 million in 2011 and its share is listed on the NASDAQ OMX Helsinki. The Group employs approx. 4,700 people. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers who are manufacturers of vehicles, machines and equipment.
COMPONENTA CORPORATION
Panuntie 4, FI-00610 Helsinki, Finland /// Tel. +358 10 403 00, Fax +358 10 403 2721 /// www.componenta.com Domicile Helsinki, Finland /// Business ID 1635451-6 /// VAT.reg FI16354516