Cavotec extends 50m euro loan to 2016 at improved price
Aug 8 (BusinessDesk) - Cavotec MSL Holdings said it has successfully renegotiated a 50 million euro loan with a syndicate of European banks, extending the maturity date to 2016 at improved pricing.
The global engineering group, which owns Christchurch-based MoorMaster, said the term and revolving loan facility also includes an option to increase the loan up to 80 million euros at any time during the term of the loan.
It replaces credit facilities signed at the end of 2009 which were due to mature in December 2012.
“We are pleased to have closed on these extended facilities which fully recognise Cavotec's financial solidity, even in the face of the current unrest in the global financial markets,” said chief executive Ottonel Popesco.
“These facilities provide us with much increased flexibility to support our future growth.”
Cavotec shares closed yesterday at $2.66. They have been drifting down from $3.40 late last year.