Applus+ signs an Amendment and Extension agreement on the debt facility
06/07/2015
Applus Services, S.A. ("Applus+" or "the Group")
Applus+ signs an Amendment and Extension agreement on the debt facility
Barcelona, July 6, 2015. Applus+ is pleased to announce that it successfully refinanced its bank debt facility through an amendment and extension agreement with its syndicate of leading international banks on improved terms than the prior facility.
The amendment and extension was entered into in order to take advantage of improved credit market conditions since the 850 million euros facility was placed in April of last year.
Key changes to the facility are a reduction in the margin and an extension of the maturity and financial leverage covenant (Net Debt / EBITDA):
Margin - reduction in the margin between 50 bps and 60 bps depending on the level of leverage. At the current leverage, the reduction is equal to 60 bps from 225 bps to 165 bps over EURIBOR or LIBOR.
Extension - the maturity of the facility has been extended by one year to May 2020 and the financial leverage covenant at 4.5x has been extended by two years to June 2017; thereafter at 4.0x. The maturity extension is subject to certain legal conditions which are expected to be met in the coming weeks.
Applus+ is grateful to its banking syndicate for demonstrating their continued confidence and support in the Group and management strategy.
Applus+ is one of the world’s leading and most innovative companies in the Testing, Inspection and Certification sector. It provides solutions for customers in all types of industries to ensure that their assets and products meet quality, health & safety and environmental standards and regulations.
Headquartered in Barcelona, Spain, Applus+ operates in more than 70 countries and employs 20,000 people. Applus+ operates through five global divisions, all of which operate under the Applus+ brand name. In 2014, Applus+ recorded revenue of €1,619 million and adjusted operating profit of €158.8 million.
Applus+ is listed on the Barcelona, Bilbao, Madrid and Valencia stock exchanges. The total number of shares is 130,016,755.