Ströer Out-of-Home Media AG: Ströer concludes long-term Group financing
Aug 02, 2012 8:05 AM
Ströer Out-of-Home Media AG / Key word(s): Corporate Action
Cologne, 2 August 2012 Ströer Out-of-Home Media AG has successfully renewed its Group financing: The financing package, which totals EUR 500m and has a five-year term, was provided by an international banking syndicate and refinances the existing loan facility (EUR 395m loan and EUR 63m in revolving facilities) as well as the current subordinated loans (approximately EUR 21m).
The Group's new financing structure comprises a term loan of EUR 275m and a revolving credit facility of EUR 225m. The structure of the new funding arrangements will lead to further improvements in the Group's financial result and cash flows already in 2013. The refinancing also resulted in more flexible credit conditions.
'Our new loan agreement has allowed us to lay the foundation for stable long-term financing ahead of time. The timing and terms of the syndicated loan reflect the financial market's confidence in the strength of our business model. The revolving credit facility will enable us to roll out growth projects and further optimize our borrowing costs,' said Alfried Bührdel, CFO of the Ströer Group.
The Group's new financing was secured by a syndicate comprising a total of 10 banks lead-managed by Commerzbank, Crédit Agricole, BAWAG, ING, JP Morgan and SEB and was advised by Herter & Co.
For more information on the Company, please visit www.stroeer.de.
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|Company:||Ströer Out-of-Home Media AG|
|Ströer Allee 1|
|Phone:||+49 (0)2236.96 45 0|
|Fax:||+49 (0)2236.96 45 299|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart|
|End of News||DGAP News-Service|