Bli medlem
Bli medlem

Du är här

2016-07-25

Cloetta AB: Cloetta enters into new loan agreement and intends to redeem Bonds

Cloetta AB (publ) has entered into a new term and revolving facilities
agreement with a group of four banks, amounting in total to the
equivalent of SEK 3, 700m (the "Facilities Agreement") which will be
partially used to refinance its existing bank financing. The new
financing package includes a bridge loan of SEK 1,000m which Cloetta
intends to use to redeem its Senior Secured Notes issued in September
2013. The Facilities Agreement, along with the redemption of the
Senior Secured Notes, is expected, excluding one-off expenses, to
reduce the group's net financial items by approximately SEK 140m over
a five year period, whereof SEK50m in 2017.

The Facilities Agreement comprises of a term loan of EUR 175m, a
revolving credit facility of EUR 120m and a bridge loan of SEK
1,000m. The term loan has a tenor of three years, with the
possibility of an extension of up to two years (subject to lender
approval). The revolving facility has a tenor of five years, and the
bridge loan has a tenor of one year with the possibility of an
extension for a further year at the discretion of Cloetta.

The new Facilities Agreement is unsecured and accordingly the
remaining security afforded to the holders of the Senior Secured
Notes will be released in connection with the refinancing of its
existing bank financing. The removal of all security over Cloetta's
assets is intended to increase operational flexibility and reduce
costs for Cloetta.

In the third quarter of 2016 Cloetta is expected to recognize one-off
expenses in net financial items of approximately SEK 60m relating to
the termination of the old credit facilities, the establishment of
the Facilities Agreement and the redemption of the Senior Secured
Notes. The proposed redemption of the Senior Secured Notes is likely
to take place in September, 2016.

The commitments under the Facilities Agreement are split equally
between Danske Bank AS, Danmark, Sverige Filial, DNB Sweden AB,
Skandinaviska Enskilda Banken AB (publ) and Svenska Handelsbanken AB
(publ). Skandinaviska Enskilda Banken AB (publ) is acting as Facility
Agent and co-ordinator of the process in their role as Documentation
Agent.

This information is information that Cloetta AB is obliged to make
public pursuant to the EU Market Abuse Regulation and the Securities
Markets Act. The information was submitted for publication, through
the agency of the contact person set out below, on 25 July 2016 at
08.00 a.m. CET.

Media contact
Jacob Broberg, SVP Corporate Communications & Investor Relations, 46
70 190 00 33.

Danko Maras, CFO, +46 76 627 69 46

About Cloetta
Cloetta, founded in 1862, is a leading confectionary company in the
Nordic region, the Netherlands, and Italy. In total, Cloetta products
are sold in more than 50 countries worldwide. Cloetta owns some of
the strongest brands on the market, such as Läkerol, Cloetta, Jenkki,
Kexchoklad, Malaco, Sportlife, Saila, Red Band and Sperlari. Cloetta
has 13 production units in six countries. Cloetta's class B-shares
are traded on Nasdaq Stockholm. More information about Cloetta is
available on www.cloetta.com

-----------------------------------------------------------
http://news.cision.com/cloetta-ab/r/cloetta-enters-into-new-loan-agreeme...
http://mb.cision.com/Main/1169/2050287/543164.pdf

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.