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News

Credit Facilities Secure Bahrain Airport Project for Cavotec


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Cavotec UK
: 18 February, 2010  (Company News)
Cavotec has secured credit facilities through European bank syndicate assuring the company’s future large projects including Bahrain Airport
Cavotec MSL has successfully signed a EUR 50 Million Senior Secured Term Loan and Revolving Credit Facilities with a syndicate of European banks.

The EUR 20 Million Term Loan and EUR 30 Million Revolving Credit Facilities were fully signed on 16 February 2010 and will be used to refinance existing indebtedness, general corporate and working capital purposes for the group.

“This is a very important milestone in Cavotec’s fiscal development and maturity,” said Ottonel Popesco, CEO of Cavotec MSL. “With the positive momentum we see carrying Cavotec into 2010 and beyond, and with our Group strategy developing into larger projects like Bahrain Airport it is imperative that we have solid financial resources to support our operations.”

Arranged by SEB AG, the syndicate includes four other close relationship banks: Intesa Sanpaolo SpA, BNL Gruppo BNP Paribas, UniCredit Group and Cornèr Banca SA. The Facilities carry a standard structure for facilities of this type, and a three years maturity, with two one-year extension options at the lenders’ discretion. SEB is also acting as Facility and Security Agent.

“We are also very pleased that all the syndicate lenders in these Facilities are existing partner banks of Cavotec,” Popesco continued. “Their support over the past 24 months has been a tremendous endorsement of Cavotec’s strength and ability to maintain its commitments, and we are honoured by their trust in our business.”
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