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Cavotec announces successful renegotiation of loan and credit facilities

Press release   •   Aug 09, 2011 08:00 GMT

Cavotec MSL is pleased to announce that is has successfully renegotiated the EUR 50 Million Term and Revolving Loan Facilities with a syndicate of European banks.  

The Facilities, arranged by SEB AG, part of SEB Group in Sweden, and Banca Imi, part of Banca Intesa Group in Italy, are a renewal of the Credit Facilities signed at the end of 2009 and maturing in December 2012. This new agreement extends the maturity to 2016 at improved pricing and includes an option to increase the Facilities up to EUR 80 million at any time during the term of the Credit Facilities.

“We are pleased to have closed on these extended Facilities which fully recognise Cavotec’s financial solidity, even in the face of the current unrest in the global financial markets” said Ottonel Popesco, Cavotec CEO. “These Facilities provide us with much increased flexibility to support our future growth.”

The Facilities were fully signed on 5 August 2011 and will be used to refinance existing indebtedness, general corporate and working capital purposes for the group.

“I am also very pleased that all the syndicate lenders in these Facilities are our existing partner banks,” added Diego Fiorentini, Cavotec CFO.  “Their continued support over the years is an endorsement of Cavotec’s strength and ability to maintain its commitments.”

Cavotec is a leading global engineering group, developing innovative technologies that enable the maritime, airports, mining and tunnelling, and general industry sectors to operate sustainably.

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