Eltek ASA: Eltek completes refinancing through Nordea
Eltek ASA has received and accepted a refinancing offer from Nordea. The offer includes extension of maturity for a NOK 400 million revolving overdraft facility from September 2013 to September 2015, and an increase of the five-year revolving facility with maturity in September 2016 by EUR 26.6 million. The latter will be used for refinancing of an unsecured NOK 200 million bond loan maturing in April 2015.
The refinancing implies a slightly higher future grid price for the facilities, with margins varying with the leverage ratio (gross interest bearing debt/EBITDA). Overall financing costs will be reduced due to redemption of the bond loan, which will not take place until 8 April, 2013 at the earliest.
The Group's financing structure and financial position has been significantly improved over the past years, following divestments of non-core activities and improved results in the continuing operations. This refinancing further improves the financial flexibility of the company. No additional collateral is required for the new credit facilities, and unchanged loan covenants leave ample financial headroom.
For further information, please contact:
Acting CFO Mark Baker, Eltek ASA, tel: +44 787 943 2022
About Eltek ASA:
Eltek is a strategic technology partner within power solutions. The Company reported revenue of NOK 3.5 billion in 2012, and has approximately 2,500 employees and operations in almost 40 countries. The company focuses on power electronics markets, where the company is one of the leaders in telecom power and a growing force within industrial applications. Eltek also holds growth opportunities within solar power, e-vehicles, and datacenters. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.
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Source: Eltek ASA via Thomson Reuters ONE