- Approximately €55 million of bank debt reduction
- More than 250 basis points of average cost reduction
Milan, April 28, 2015 - Maire Tecnimont S.p.A. announces that, leveraging on a solid operating performance, has successfully finalized a transaction aimed at the reduction and optimization of the bank debt, as already anticipated last March, when communicating the 2014 full year results.
The transaction has been focused on the bank debt refinanced in May 2013, amounting to approximately €350 million, as well as on a portion of the short term indebtedness, amounting to €25 million, which has been converted in a long-term debt.
Such important achievement has been obtained thanks to a number of factors including primarily the cash flow generated in the ordinary course of the business, a new long term financial facility granted to Tecnimont amounting to €200 million and, finally, a €120 million financial facility incurred by the Dutch subsidiary Stamicarbon as a first step of a wider project aimed at the valorization of a minority stake through a market transaction addressed to financial investors.
The combination of the above mentioned transactions led to a decrease of approximately €55 million of the existing indebtedness with the banking system, as well as a reduction of the financial charges beyond 250bp per annum and an extension of the average tenor of the refinanced amount.
Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 4,300 employees, of whom over half work abroad. For more information: www.mairetecnimont.com.
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