Home / Knowledge / News / Textiles / Oerlikon fully repays syndicated credit facility
Oerlikon fully repays syndicated credit facility
23
Jul '12
Mr. Jürg Fedier
Mr. Jürg Fedier

Oerlikon has repaid in full the existing Syndicated Credit Facility related to the 2010 financial restructuring, which successfully completes the Company’s refinancing. The new diversified financing package consists of a Swiss Bond and a new Syndicated Credit Facility that will reduce financing costs by around CHF 40 million beginning 2013.

In addition to cost savings, the new package allows greater flexibility and was provided on an unsecured basis. Oerlikon CEO Dr. Michael Buscher said: “Oerlikon’s successful refinancing allows us to systematically continue on our path of creating value for our stakeholders by significantly reduced financing costs and greater strategic and operational flexibility.”

The cancellation of Oerlikon’s old Syndicated Credit Facility two years ahead of maturity becomes effective today with the full repayment of all outstanding debt under the old Syndicated Credit Facility, as well as the early redemption penalty on Facility C and accrued interest (including PIK).

The starting point of this comprehensive refinancing was the agreement of a new, unsecured Syndicated Credit Facility amounting to CHF 800 million on June 5, 2012. The new facility includes a CHF 700 million Credit Facility (Facility A) comprising of a revolving facility of CHF 450 million and an ancillary facility of CHF 250 million with a term of three years and two additional one-year extension options.

The new Syndicated Credit Facility carries an initial margin of 250 basis points per year. The initial syndicate consisted of Commerzbank Aktiengesellschaft, Credit Suisse AG, Deutsche Bank AG, Société Générale Corporate & Investment Banking, The Royal Bank of Scotland plc, UBS AG and UniCredit Bank AG.

On July 13, 2012, the General Syndication was completed and a Syndication Agreement with six additional banks was signed including DBS Bank Ltd, HSBC Bank plc, JPMorgan Chase Bank, N.A., KBC Bank Deutschland AG, Landesbank Baden-Württemberg and Zürcher Kantonalbank.

Complementary to the Syndicated Credit Facility was the placement of a domestic Bond, which was issued on June 13, 2012 – Oerlikon’s first transaction on the Swiss Bond market – and settled on July 13, 2012. Oerlikon successfully placed a 4 year CHF 300 million straight bond with a coupon of 4.25 %. The interest will be paid annually starting on July 13, 2013.

The issue was led by UBS Investment Bank, Credit Suisse AG, Deutsche Bank AG and The Royal Bank of Scotland plc. On July 13, 2012 all conditions precedent to the new Syndicated Credit Facility were fulfilled and the effectiveness of the new Facility was confirmed. The twelve month CHF 100 million optional term loan (Facility B) has been cancelled in the light of the successful issuance of the domestic Bond exceeding expectations.


Must ReadView All

Courtesy: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

Courtesy: Delta Galil

Apparel/Garments | On 23rd Feb 2018

Delta Galil 2017 sales up 16% to $1,368.1 million

Delta Galil sales for full year 2017 increased 16 per cent to...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search