MAREL EXTENDS MATURITY OF FINANCING AND CONVERTS ALL LOANS TO SENIOR LEVEL

27-12-2012 — /europawire.eu/ — Today (21.12.2012), Marel is pleased to announce that it signed an amend & extend of its current long-term financing entered into in November 2010, originally in the amount of EUR 350 million.

A consortium of international banks: ABN AMRO, Friesland Bank, ING Bank, Landsbankinn, LB Lux and Rabobank agreed to amend the terms of the original credit facilities with effective date on 31 December 2012. While the terms and conditions generally remain in line with Loan Market Association (LMA) corporate standards, the key amendments are:

• The junior loan is converted into senior debt, making it an all senior facility.
• The remaining tenor is four years as the facility is extended by one year with final maturity in November 2016 as opposed to November 2015.
• Initial interest terms are EURIBOR/LIBOR +250 bps for the facility depending on leverage.

Erik Kaman, CFO:

“We are very satisfied with the financing structure of Marel agreed in 2010 and the bank consortium supporting it. Now we have amended the facility on favourable terms to an all senior structure and prolonged the facilities by one year. This will allow us to further reduce interest costs and support the company‘s long term strategy and goals. “

For further information, please contact:

Helga Björk Eiriksdottir, Investor and Public Relations Manager,
Helga.eiriksdottir@marel.com, tel: (+354) 563-8453

About Marel

Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. With offices and subsidiaries in more than 30 countries and a global network of more than 100 agents and distributors, we work side-by-side with our customers to extend the boundaries of food processing performance. Advance with Marel for all your processing needs.

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PRESS CONTACT

Helga Bjork Eiriksdottir
Investor and Public Relations Manager

E-mail:
helga.eiriksdottir@marel.com
Tel.: +354 563 8543