par Kapsch TrafficCom AG (isin : AT000KAPSCH9)
EQS-Adhoc: Kapsch TrafficCom AG agrees on comprehensive restructuring with its major financial creditors.
EQS-Ad-hoc: Kapsch TrafficCom AG / Key word(s): Capital Reorganisation
Kapsch TrafficCom AG agrees on comprehensive restructuring with its major financial creditors.
31-May-2023 / 10:03 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad hoc release.
Kapsch TrafficCom AG agrees on comprehensive restructuring with its major financial creditors.
- Extension of existing financing and new financing until May 25, 2025
- Dividend policy remains suspended - no dividend payments
Vienna, May 31, 2023 – Kapsch TrafficCom AG (ISIN: AT000KAPSCH9; the "Company") announces that it has reached an agreement with its major financial creditors (including the creditors of the promissory notes maturing on June 16, 2023) on a comprehensive restructuring of the financing with a maturity date of May 25, 2025. The objective is a substantial reduction of net debt by at least EUR 60 million and in the longer term to a level of net debt to EBITDA of 3.0x.
New financing are subject to increased terms customary in the market; in addition, the financial creditors are entitled to a repayment surcharge in certain cases (also for existing financing). In order to achieve the targeted reduction in current net debt, the Company is committed to early repayments from surplus cash (cash sweep), from extraordinary inflows and from pending litigations, as well as to waiving dividend payments. The Company's dividend policy therefore remains suspended.
The main shareholder KAPSCH-Group Beteiligungs GmbH supports the restructuring - in addition to loans already granted at the end of 2022 totaling EUR 5 million - by pledging all of its shares held in the Company, which currently correspond to around 63.3 % of the Company's share capital.
The Company further obligates itself to utilize the entire existing authorized capital in the amount of 10% of the Company's share capital (corresponding to 1.3 million new shares of the Company) in order to create sufficient liquidity, whereby the majority shareholder KAPSCH-Group Beteiligungs GmbH is entitled to contribute financial support already provided.
| Contact: Marcus Handl Investor Relations Officer Kapsch TrafficCom AG Am Europlatz 2 1120 Vienna, Austria T +43 50 811 1120 marcus.handl@kapsch.net |
Further information about Kapsch TrafficCom: www.kapsch.net/ktc Follow us on Twitter and LinkedIn
End of Inside Information
31-May-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com
| Language: | English |
| Company: | Kapsch TrafficCom AG |
| Am Europlatz 2 | |
| 1120 Vienna | |
| Austria | |
| Phone: | +43 50811 1122 |
| Fax: | +43 50811 99 1122 |
| E-mail: | ir.kapschtraffic@kapsch.net |
| Internet: | www.kapschtraffic.com |
| ISIN: | AT000KAPSCH9 |
| WKN: | A0MUZU |
| Listed: | Vienna Stock Exchange (Official Market) |
| EQS News ID: | 1645599 |
| End of Announcement | EQS News Service |
1645599 31-May-2023 CET/CEST