The new capital structure will further enhance Perstorp’s free cash flow generation, fully in line with its strategic objectives
Perstorp, a global leader in specialty chemicals, announced today the refinancing of its existing credit facilities. On the back of the strong performance and sale of the Capa business, Perstorp and its shareholders have decided to refinance the existing bonds and loans through new credit facilities. The refinancing will put the company in a better position to achieve its long-term strategic objectives.
The company issued redemption notices for all outstanding bonds which are expected to be redeemed on or around 4 March 2019, with some of the second lien notes to be redeemed by 25 February 2019. The notes issued by Prague CE S.A.R.L are also expected to be redeemed. The redemption will be financed by the proceeds of the Capa sale as well as new credit facilities committed by Bank of America Merrill Lynch, Goldman Sachs Bank USA and Nordea. Some of the redemption notices are conditional on the closing of the new financing arrangement.
Jan Secher, President and CEO of Perstorp, commented: “I am delighted to embark on the next stage of Perstorp's development with a more flexible capital structure. When combined with the committed c. EUR 130 million equity line for investment activities, this capital structure makes Perstorp ideally positioned to deliver on the growth strategy announced in September 2018.”
Read up on the previous news leading up to this event:
Divestment of Bioproducts business >>
Divestment of Capa business >>
New investors - EUR 130 million equity line >>
Reshape of Perstorp organization >>