The new 5-year syndicated revolving facility of EUR 500 million replaces the current credit facility of EUR 775 million of which EUR 139 million is currently drawn. The syndicate consists of the following seven banks: ING Bank, Rabobank, BNP Paribas, HSBC Bank, Barclays Bank, ABN AMRO and Credit Suisse. The interest is EURIBOR plus a margin based on net debt/ EBITDA.
The terms and conditions of this new facility and Fugro's USPP (United States Private Placement) notes have been aligned. The key conditions are:
- Fixed charge cover covenant1 of
- at least 1.8 until the end of 2017
- at least 2.0 during 2018
- at least 2.5 as per 2019.
Net leverage covenant2 of a maximum of 3.0 (unchanged).
Paul Verhagen, CFO: "We are pleased to have obtained unanimous support from our lenders. This clearly shows confidence in our long-term strategy. In the current challenging market circumstances, this allows us to continue to execute our management agenda and focus on profitability, cash flow and a further strengthening of our balance sheet."
ING Bank and Rabobank acted as advisers to Fugro.
1 (operating lease expense + EBITDA) / (operating lease expense + net interest expense)
2 net debt/ EBITDA