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KENDRION : Expansion credit facility

01/18/2012 | 03:01am US/Eastern
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P R E S S R E L E A S E K E N D R I O N N . V . 1 8 J A N U A R Y 2 0 1 2 Kendrion expands credit facility for acquisitions

Kendrion has reached agreement with its bank consortium, comprising Rabobank, ING Bank and Deutsche Bank, on a supplementary credit facility of EUR 60 million to be used for acquisitions.
On 28 December 2011, Kendrion announced the acquisition of the US company FAS Controls, Inc., established in Shelby, North Carolina. The acquisition was paid for in cash. To continue to be able to carry out acquisitions in the future to execute its strategy, Kendrion has expanded the existing credit facility with its banks.
The supplementary credit facility is subject to virtually the same terms as the credit agreement entered into in January 2011 that will expire at the start of 2016. The margin on the expansion is higher by 40 basis points. As from 31 December 2012, the total credit facility for acquisitions will be reduced by EUR 8 million per half-year. The covenant of a maximum of 2.50 for interest- bearing debts (excluding bank guarantee for the EU fine) over 12-month EBITDA and a minimum of 4.00 for 12-month EBITDA over finance charges (including the EU bank guarantee fee) continues to apply unchanged.
The total credit facility now amounts to EUR 183.5 million, of which EUR 35 million for working capital and general use and EUR 100 million for acquisitions, from which the acquisition of FAS Controls has already been financed. EUR 48.5 million is a bank guarantee for the European Commission in respect of the ongoing proceedings on the fine relating to Fardem Packaging B.V.
Eiko Ris, CFO: "We are very pleased with the agreement we have reached with the banks. This facility gives us extra scope to acquire and extend leading positions in electromagnetic niche markets in line with our strategy, both in and outside Europe. This expansion means that Kendrion currently has ample financial resources to be able to achieve its growth target of EUR 350 million published previously by the end of 2012."

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Profile of Kendrion N.V.

Kendrion N.V., a solution provider, develops, manufactures and markets innovative high-quality electromagnetic systems and components for customers all over the world. Kendrion's operations are carried out by four business units focused on specific market segments, namely Industrial Magnetic Systems, Industrial Drive Systems, Passenger Car Systems and Commercial Vehicle Systems.
Kendrion has leading positions in a number of business-to-business niche markets. Germany is
Kendrion's main market, although other countries are becoming increasingly important.

Kendrion's activities

Kendrion develops advanced electromagnetic solutions for industrial applications. These are used by customers all over the world in systems such as lifts, door-locking systems, industrial
robots, medical equipment, electrical switchbox systems, diesel engines, air-conditioning
installations, motor cooling systems and beverage dispensers. Kendrion's key customers include a.o. Bosch, Siemens, Daimler, Continental, Delphi, Evobus, Hyundai and Yutong.
Kendrion's shares are listed on NYSE Euronext's Amsterdam market. Zeist, 18 January 2012
The Board
Piet Veenema - Chief Executive Officer
Eiko Ris - Chief Financial Officer

For more information:

Kendrion N.V. Mr E. Ris Utrechtseweg 33
3704 HA ZEIST
THE NETHERLANDS
Tel: +31 - 30 - 699.72.69
Fax: +31 - 30 - 695.11.65
Website: www.kendrion.com

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