News

03.08.2012

Pressemitteilung: Ströer Out-of-Home Media AG: Additional Information on Refinancing (English only)

Cologne, August 3, 2012 In addition to yesterdays press release regarding Ströer’s group financing, please find below the key arguments of an interview given by Alfried Bührdel, CFO of Ströer Out-of-Home Media AG, to the German financial newspaper “Börsen-Zeitung” on August 2nd, 2012:

  • Extended maturity (5 year term until 2017) provides a stable financial foundation for Ströer and separates any refinancing effort from potential turmoil in the financial markets 2013/2014
  • In total lower interest charges going forward due to a more flexible loan structure
  • Loan package totals EUR 500m and is provided without any collateral requirement
  • Despite these improvements and an overall more flexible loan documentation, credit margins almost equal the favorable conditions secured during last year’s amendment (only marginal increase)
  • The structure of the new funding arrangements will lead to savings of a lower single digit million euro amount in the Group’s financial result and cash flows already in 2013
  • The new facility also provides the option to further extent and diversify the maturity profile by incorporating other financial instruments like a bond or a promissory note into our financing structure at a later point in time
  • Leverage target remains unchanged and with an envisaged comfort zone of 2 to 2.5 x EBITDA
  • Timing and terms of the syndicated loan reflect the financial market’s confidence in the strength and potential of our business model
  • The syndicate consists of ten German major banks emphasizing the stable relationship between Ströer and its partners
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