Milan, 27th June 2016 - Intek Group S.p.A. announces that its subsidiary KME AG entered into an agreement with the Group’s Lending Banks (Coordinating Mandated Lead Arranger: Deutsche Bank AG; Mandated Lead Arranger: UniCredit S.p.A., Lead Arranger: Mediobanca S.p.A., Intesa Sanpaolo S.p.A., Banca Nazionale del Lavoro S.p.A., Commerzbank Aktiengeselleschaft, Banca Popolare di Milano Società Cooperativa a.r.l. e Banca Monte dei Paschi di Siena S.p.A.) to extend the bank facility agreement expiring in July 2016 for credit lines totaling Euro 505 million, available on a revolving basis and with validity from 27th June 2016 until 31st July 2018, including a further one-year extension option.
This agreement, which concerns two credit lines called “tranche a” and “tranche b” as established on 30th September 2006, confirms a facility structure characterized by ample utilization flexibility in relation to the Group’s financing needs, mainly linked to inventory levels.
The new facility confirms the banking system’s trust in the Group at the end of the important process of industrial rationalization and managerial reorganization, that has been started in 2015 with the shareholder’s support.
The German industrial restructuring completed in 2015, the French restructuring carried out together with the entry of a strategic partner in the share capital of the French company in 2016, the agreement reached last week with the Italian trade union representatives for a flexible utilization of the social safety nets in a coherent way with the strong re-launching of the Italian activities, as well as the streamlining of the corporate structure have reduced the Group break-even point in a structural way, thereby enabling it to be in the best conditions to be much more competitive in the market.
The confirmation of the banks’support, received at the end of a difficult transition period due to the above-mentioned restructuring measures, enables the Group to look at future developments with renewed energy.
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The press release is available on the Company’s website, www.itkgroup.it. Additional information may be directly requested from the Company (telephone number +39.02.806291; e.mail: email@example.com) and through the NIS-Storage system operated by BIt Market Services at the address: www.emarketstorage.com.