Demag Cranes successful in refinancing its bank loans – new credit facility agreement for EUR 350.0 million
Düsseldorf, 22. November 2010
Demag Cranes AG has secured refinancing for its current bank loans ahead of schedule and has signed a credit facility agreement for EUR 350.0 million with an international bank consortium. The agreement includes a flexible credit facility for cash drawings amounting to EUR 200.0 million and a credit facility for guarantees totalling EUR 150.0 million. With a maturity of 5 years, the new facility provides Demag Cranes with a long term basis for its financing, allowing the Company to further foster its growth strategy.
Rainer Beaujean, Demag Cranes' CFO emphasises: ”We are pleased with the refinancing results. The positive response of the banks and the signing of the agreement for this credit volume underline the strong position of Demag Cranes AG in a dynamic market and provide a sound foundation for the planned strategic further development of our business.”
About Demag Cranes AG
The Demag Cranes Group is one of the world's leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment services, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.
As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, agencies and a joint venture. In financial year 2008/2009, the Group, with its 5,934 employees, generated revenue of EUR 1,047.6 million. Since the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the Frankfurt Stock Exchange and is traded on various indices including the MDAX®.
Demag Cranes. We Can Handle It.
Conditions for forward-looking statements
This press release contains forward-looking statements relating to the business, financial performance and earnings of Demag Cranes AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of Demag Cranes AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. Demag Cranes AG does not intend or accept any obligation to publish updates of these forward-looking statements.