DGAP-News: SAF-HOLLAND S.A. / Key word(s): Banking Syndicate
SAF-HOLLAND S.A.: Interest margin drops considerably with successful
capital increase
24.02.2011 / 16:05
---------------------------------------------------------------------
SAF-HOLLAND achieves improved financing conditions
Luxembourg, February 24th, 2011 - SAF-HOLLAND S.A., a leading supplier to
the global truck and trailer industry, has reached an agreement with its
bank syndicate on an amendment to the existing EUR 316 million credit
facility. SAF-HOLLAND benefits from the amendment agreement through a
considerably lower interest margin, among other things. The interest rate
drops by 1.45 percentage points in the first step. Further reductions will
take effect subject to the development of certain key debt figures. In
addition, the banks have waived the opportunity of a simplified liquidation
of securities in the course of the most recent adjustment to the credit
agreement.
The new agreement is subject to a capital increase which is being planned
by the company for a favorable capital market environment. The new
conditions take effect when a capital increase with gross proceeds of at
least EUR 90 million has been executed by the end of October 2011. 85
percent of that sum will be applied to the proportionate repayment of the
loans. Gross proceeds beyond the sum of EUR 90 million will be applied to
the repayment of the loans at a proportional rate of 50 percent.
'With the new conditions, the banks are acknowledging the successful
restructuring and the positive business development of SAF-HOLLAND', says
CFO Wilfried Trepels. 'Thanks to a substantial improvement in sales and
earnings we can now also turn our attention to strengthening our capital
structure.' The recovery in the global truck and trailer markets and the
successful measures undertaken to increase efficiency have contributed to
the rapid improvement in earnings in all of SAF-HOLLAND's business units in
2010. In addition to the further improvement in operating performance,
management now seeks to achieve a higher equity ratio and better key debt
figures. At an extraordinary Annual General Meeting in December 2010, the
shareholders of SAF-HOLLAND approved an increase in authorized capital of
up to 20,535,100 shares. Commerzbank and UniCredit Bank have been entrusted
with the preparation and execution of the capital measure as joint
bookrunners.
Company Profile:
With approximately EUR 420 million in sales and over 2,000 employees,
SAF-HOLLAND S.A. is one of the world's leading manufacturers and suppliers
of premium product systems and components primarily for trailers as well as
trucks, buses and recreational vehicles. The product range encompasses axle
and suspension systems, fifth wheels, coupling devices, kingpins, and
landing legs. SAF-HOLLAND customers include the majority of large truck and
trailer producers all over the world. The products are sold to Original
Equipment Manufacturers (OEMs) and Original Equipment Suppliers (OESs) by
means of a global service and distribution network and via aftermarket
channels directly to the end users and service garages. SAF-HOLLAND has
therefore established itself as one of the few manufacturers in its sector
that is internationally positioned with an extensive product range and a
broad service network. SAF-HOLLAND S.A. has been listed in the Prime
Standard of the Frankfurt Stock Exchange since June 2007 and has been in
the SDAX since December 2010.
Contact:
SAF-HOLLAND Group GmbH
Barbara Zanzinger
HauptstraÃe 26
63856 Bessenbach
Phone +49 6095 301-617
barbara.zanzinger@safholland.de
End of Corporate News
---------------------------------------------------------------------
24.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: SAF-HOLLAND S.A.
68-70, boulevard de la Pétrusse
L-2320 Luxembourg
GroÃherzogtum Luxemburg
Phone: +49 6095 301 - 0
Fax: +49 6095 301 - 260
E-mail: info@safholland.de
Internet: www.safholland.com
ISIN: LU0307018795
WKN: A0MU70
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
113392 24.02.2011
DGAP-News: SAF-HOLLAND S.A.: Interest margin drops considerably with successful capital increase
| Source: EQS Group AG