Royal Imtech N.V. (IMTEF.PK) said it has reached agreement with its main financiers , including the holders of unsecured senior notes and its largest guarantee providers, on the provisional continuation of their current outstanding facilities. As a result, the previously announced financial restructuring of the Imtech Group is on track, the company said.
Hans Turkesteen, CFO Imtech said, “The agreement announced today means the financiers will, under conditions customary in these circumstances, continue to make their current facilities available. In addition, the remaining 200 million euro of the 500 million euro bridge loan announced on 27 February 2013 will now also become available to the Company.”
Once the financial statements 2012 have been published, Imtech said it anticipates that it will be able to implement the following phase of its financial restructuring. In the meantime, as previously announced, the rights issue of 500 million euros, guaranteed by means of a volume underwriting commitment under customary conditions, is being prepared. Imtech said itintends to finalise the rights issue in the summer of 2013. As previously announced, Imtech aims to achieve an average net debt/EBITDA ratio of 1.5 – 2.0.
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by RTT Staff Writer
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