• This agreement will allow ADVEO implement the new Strategic Plan 2017-2020 as it was announced, in order to transform ADVEO as the European Platform for Workspace Solutions.

Madrid, July 28th.- ADVEO has signed an agreement with banks representing 97% of its financial debt, aiming at consolidating all financing credit operations, short term and long term, into a single contract, which allows ADVEO, to structure the debt and adapt it to the new Strategic Plan 2017-2020.

As a consequence, ADVEO insures access to financing sources in the terms and amounts established in the agreement. The company also gains financial stability to face the new Strategic Plan, which aims at transforming ADVEO as the new European Platform for Workspace Solutions.

The agreement involves better financing conditions for ADVEO: 91.4 million euro in a first lien with a first maturity in July 2018 and biannual repayments until July 2022. A new revolving credit for up to €57.7m has also been established, maturing bullet in 36 months, where all credit and confirming lines have been consolidated. A new revolving line will also be set up in August, for up to €10.5m, with 12 months maturity.

The agreement also authorizes to issue commercial paper and other instruments so as to widen and diversify financing sources; and finally the parties have also considered disinvestment of assets to finance the Strategic Plan.

This agreement means the banks' solid support to the development of the new Strategic Plan 2017-2020, the base for growth in the next years. As a result of the implementation of this Plan, in 2020 we expect total revenue of about €720m that, compared to the total income in 2016, excluding what corresponds to the EOS business, it would be 34% higher. Concerning profitability, in 2020 we estimate a €60m EBITDA, compared to €22m in 2016, and a 9% EBITDA margin, that is almost six points more than in the previous year (3.1%).

ADVEO will release its first half 2017 results on September 20th.

Adveo Group International SA published this content on 28 July 2017 and is solely responsible for the information contained herein.
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