IFCO SYSTEMS N.V. successfully concluded comprehensive refinancing
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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IFCO SYSTEMS N.V. today successfully refinanced its debt structure by
placing a new senior secured bond with institutional investors at an
aggregate principal amount of EUR 200 million at 10.00% p.a. at a
price of 95.75% with a maturity on June 30, 2016 and by extending its
Revolving Credit Facility ("RCF") with the existing banking
consortium (Deutsche Bank, Fortis, Landesbank Baden-Württemberg) at
an amount of EUR 65 million for another three years until May 29,
2012.
The bond proceeds will be used to redeem IFCO SYSTEMS N.V.'s existing
EUR 110 million bond, to pay down amounts outstanding under the RCF
with EUR 50 million, to escrow amounts for payment of the STECO
vendor note due in June 2010 resulting from the acquisition of STECO
in 2008 and cover the redemption premium and fees.
The rating agencies Standard & Poor's and Moody's confirmed IFCO
SYSTEMS's rating of BB- / Ba3 and changed the outlook from negative
to stable.
IFCO SYSTEMS N.V. intends to list the bond on the official list of
the Luxembourg Stock Exchange for admission to trading on the Euro
MTF.
The book runner of the issue was Deutsche Bank AG, London branch.
Karl Pohler CEO of IFCO SYSTEMS stated: "We are very proud to
conclude the refinancing of our company in a very difficult financial
market environment. This underlines the confidence of the financial
community in our company, its robust business models and our future
growth potential. The total refinancing has set an excellent
financial platform providing significant liquidity headroom to take
advantage of the enormous growth potential for reusable packaging
solutions in front of us."
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that reflect
Management's current view with respect to future events. All
statements contained in this release that are not clearly historical
in nature or necessarily depend on future events are forward-looking.
The words "anticipate", "believe", "expect", "estimate", "planned"
and similar expressions are generally intended to identify
forward-looking statements. These statements are based on current
expectations, estimates and projections of the Management on
currently available information. They are not guarantees of future
performance, involve certain risks and uncertainties that are
difficult to predict and are based upon assumptions as to future
events that may not prove to be accurate. Many factors could cause
the actual results, performance or achievements to be materially
different from those that may be expressed or implied by such
statements. We do not intend or assume any obligation to update the
forward-looking statements contained in this release, which speaks
only as of the date on which it is made.
Disclaimer
This announcement does not constitute or form any part of an offer to
sell or a solicitation to purchase securities in the United States.
The bond of IFCO SYSTEMS N.V. (the "Securities") have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"). Securities may not be offered or sold
in the United States unless registered under the Securities Act or
pursuant to an exemption from registration. There will be no public
offering of the Securities in the United States.
This announcement and the information contained herein are not for
publication, distribution or release in/or into the United States.
About IFCO SYSTEMS
IFCO SYSTEMS is an international logistics service provider with more
than 210 locations worldwide. IFCO SYSTEMS operates a pool of more
than 96 million Reusable Plastic Containers (RPCs) globally, which
are used primarily to transport fresh produce from producers to
leading grocery retailers. In the United States, IFCO SYSTEMS also
provides a national network of Pallet- Management-Services. With more
than 125 million sorted, repaired and reissued wooden pallets
annually, IFCO SYSTEMS is the market leader in this industry. In
2008, IFCO SYSTEMS generated revenues of 735.9 million USD.
IFCO SYSTEMS
Michael W. Nimtsch
Chief Financial Officer
Zugspitzstr. 7
82049
Pullach
Tel +49 89 744 91 121
Michael.Nimtsch@ifco.de
www.ifcosystems.com
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IFCO Systems N.V.
Zugspitzstraße 7 Pullach
WKN: 157670; ISIN:
NL0000268456 ; Index: CLASSIC All Share, Prime All Share;
Listed: Freiverkehr in Bayerische Börse München, Freiverkehr in
Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Düsseldorf, Prime Standard in Frankfurter
Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;