Announcement Össur hf. No. 4/2011
Reykjavik, 9 March 2011
Today Össur signed an agreement with three international banks, ING Bank, Nordea and SEB, on long-term financing in the amount of USD 231 million. The financing marks a milestone for Össur as the Company has now established international access to both debt and equity financing.
Highlights:
- Total financing of USD 231 million:
- USD 120 million multicurrency amortizing term loan
- USD 111 million multicurrency revolving credit facility for general corporate purposes and acquisitions
- The initial average interest terms are 145 bps + LIBOR/EURIBOR
- Interest terms will be subject to a margin grid, changing in line with financial leverage
- The financing is for five years, maturing in 2016
- Terms and conditions are in line with Loan Market Association (LMA) corporate standards
- All three banks acted as Bookrunning Mandated Lead Arrangers
The terms are favorable, reflecting Össur's strong financial profile and good prospects. All existing debt will be refinanced and overall cost of funding will decrease.
FTI Consulting acted as financial advisors and Slaughter and May as legal advisors to the Company.
For further information, please contact:
Jón Sigurðsson, President & CEO Tel: +354 515 1300
Hjörleifur Pálsson, CFO Tel: +354 515 1300
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About Össur
Össur (OMX: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of braces, supports, prosthetic limbs and compression therapies. A recognized "Technology Pioneer", Össur invests significantly in research and product development; its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business solutions. Headquartered in Iceland, Össur has major operations in the Americas, Europe and Asia, with additional distributors worldwide.
Forward-Looking Statements
This press release includes "forward-looking statements" which involve risks and uncertainties that could cause actual results to differ materially from results expressed or implied by these statements. Össur hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.