Fugro announces a new comprehensive sustainability-linked financing with extended maturities

Fugro N.V., hereinafter the “Company” or “Fugro”, announces today a comprehensive sustainability-linked financing which consists of:

• A new sustainability-linked bank financing arrangement, consisting of a EUR 200 million 3-year revolving credit facility and a EUR 200 million 3-year term loan (together, the “New Bank Financing”), conditional on the closing of the Offering (as defined below)

• Launch of a capital increase via an accelerated bookbuild offering (the “Offering”) of new ordinary shares (the “New Shares”) representing up to approximately 10% of the Company’s issued share capital, issued under existing authorisations

• The Offering is supported by core shareholders who have pre-committed to participate in the Offering

This comprehensive financing will replace the existing EUR 250 million revolving credit facility and EUR 188 million term loan.

As stated in the Q1 2022 trading update on 22nd April 2022, management has reviewed options to extend its debt maturity profile. Fugro’s Board of Management has concluded that the New Bank Financing and the Offering will provide the Company with a comprehensive financing, which:

• extends the current debt maturity profile of the Company, by increasing the maturity of the RCF and the term loan to 2025 (from 2023)

• achieves improved terms and conditions versus the existing bank debt facilities, significantly reducing cost of debt

• deleverages the business further to a pro-forma net debt / EBITDA of 1.5x post Offering

• demonstrates Fugro’s firm commitment to sustainability through the integration of sustainability-linked financing in the New Bank Financing

Mark Heine, CEO, comments: “During the past months, we have conducted an in-depth review of our capital structure with a view to extending the debt maturity profile at the best terms available to the Company. I am pleased to say we have been able to secure an attractive and comprehensive financing consisting of debt facilities and a capital increase up to 10%. This also enables us to address the upcoming put option of the 2024 convertible bond in November 2022. The refinancing is supported by Fugro’s key long term shareholders, who have committed to participate in the capital increase. Our long-term shareholders explicitly encourage our continued diversification towards markets where we can both support and benefit from the energy transition, climate change adaptation and sustainable infrastructure development. We look forward to continuing on our Path to Profitable Growth with the new financing in place to support our progress during the coming years”