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Imtech reaches agreement with its main financiers

Added on: 20 March 2013

Gouda - Royal Imtech N.V. (IM-AE, technical services provision in and outside Europe) has reached agreement with its main financiers (including the holders of unsecured senior notes and its largest guarantee providers) on the provisional continuation of their current outstanding facilities. As a result, the previously announced financial restructuring of the Imtech Group is on track. 

Hans Turkesteen, CFO Imtech: ‘The agreement announced today means the financiers will, under conditions customary in these circumstances, continue to make their current facilities available. In addition, the remaining 200 million euro of the 500 million euro bridge loan announced on 27 February 2013 will now also become available to the Company. This agreement gives an important signal to our customers, suppliers, employees and shareholders.’

Once the financial statements 2012 have been published, Imtech anticipates that it will be able to implement the following phase of its financial restructuring. In the meantime, as was announced on 27 February, the rights issue of 500 million euro, guaranteed by means of a volume underwriting commitment under customary conditions, is being prepared. Imtech intends to finalise the rights issue in the summer of 2013. As previously announced, Imtech aims to achieve an average net debt/EBITDA ratio of 1.5 - 2.0.

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