Autoneum has signed a new 150 million CHF revolving loan with a syndicate of ten banks. The loan agreement replaces the existing long-term credit facilities agreement of 130 million CHF, which expires on December 31, 2014. At the same time, the two subordinated loans for 12.5 million CHF each were repaid ahead of schedule to the principal shareholders.
Autoneum has signed a new 150 million CHF revolving loan maturing on December 31, 2019, with a syndicate of ten banks. The loan agreement replaces the existing long-term credit facilities agreement of 130 million CHF, which expires on December 31, 2014, thus further optimizing the maturity structure of Autoneum’s long-term financings. The significantly improved earnings since the listing and the stronger balance sheet are reflected in the favorable new lending conditions.
In connection with the conclusion of the new loan agreement, the subordinated shareholder loans worth a total of 25 million CHF that were granted by the principal shareholders Michael Pieper and Peter Spuhler on the occasion of Autoneum’s going public in May 2011 were also repaid. As a consequence, the principal shareholders are also released from the obligation not to reduce their stake in Autoneum Holding AG to less than ten percent each (lock-up agreement).
Autoneum CEO Martin Hirzel emphasized: “The conclusion of this new loan agreement and the repayment of the subordinated shareholder loans ahead of schedule show that the improvement in Autoneum’s operating and financial performance since the going public has been recognized by the market. This loan agreement lays the financial foundations for future growth and further operational improvements.”
Michael Pieper added: “The termination of the lock-up agreement will have no impact on the long-term focus of my commitment to Autoneum.” Peter Spuhler stressed: “The discontinuation of the lock-up agreement is evidence of the financial stability the company has achieved. The stakes in Autoneum and Rieter via my privately held company PCS Holding AG are long-term strategic investments.”