USG PEOPLE : optimises financing structure

Almere, 15 October 2015 - USG People N.V. has taken advantage of the current favourable market conditions with the successful early conclusion of a € 450 million syndicated credit agreement on 14 October 2015. The agreement has a tenor of five years and replaces the facility taken out in 2011 that had a tenor until July 2016.

In light of the reduced credit requirement the available facility could be lowered further from € 500 million to € 450 million. The agreement also includes options to extend the tenor with a maximum of two times one year and to raise the available amount by € 150 million. The agreement was concluded with an international syndicate of six leading banks, with ABN AMRO and ING as bookrunning mandated lead arrangers.

The favourable conditions mean that the refinancing will result in a significant reduction in annual financing expenses. The company's € 60 million subordinated loan was repaid early on 23 September 2015. Furthermore € 30 million in long-term receivables from the French government under the CICE scheme for 2013 and 2014 were sold to a financial institution in August 2015. The proceeds of this sale were used to reduce the factoring of trade receivables (Q2 2015: € 122.4 million). The company also intends to sell the CICE receivables for 2015 in order to further reduce the factoring of trade receivables and the associated interest expenses.

In the past few years the total debt position of USG People has been substantially improved and the balance sheet has been further strengthened. The current financing structure and the positive operating cash flow provide ample scope and security to be able to execute the strategic plans unhindered.

The optimisation will have a positive impact on net income from the fourth quarter of 2015.

For more information, please contact:

Leen Geirnaerdt, CFO
Telephone: +31 (0)36 529 95 07

Disclaimer

This press release is available in Dutch and English. In the event of ambiguities, the Dutch text shall prevail.

About USG People

With revenue of € 2.4 billion in 2014 USG People is one of the largest providers of HR services in Europe with established and recognisable international brands. The brand portfolio comprises Start People, Unique, Secretary Plus, USG Professionals and Solvus.

Headquartered in the Dutch city of Almere, USG People is active in Belgium, France, Germany and the Netherlands. USG People is listed on the Euronext Amsterdam stock exchange and is included in the AMX Index.

For more information on USG People or any of its operating companies, please visit our website at www.usgpeople.com:
http://www.usgpeople.com.