KENDRION : Expansion credit facility
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
01/18/2012| 03:01am US/Eastern
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
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 develops advanced electromagnetic solutions for
industrial applications. These are used by customers all over
the world in systems such as lifts, door-locking systems,
For more information:
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
Piet Veenema - Chief Executive Officer
Eiko Ris - Chief Financial Officer
Kendrion N.V. Mr E. Ris Utrechtseweg 33
3704 HA ZEIST
Tel: +31 - 30 - 699.72.69
Fax: +31 - 30 - 695.11.65
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