Today Össur signed an agreement with three international banks, ING Bank, Nordea and SEB, on long-term financing in the amount of USD 231 million. The financing marks a milestone for Össur as the Company has now established international access to both debt and equity financing.
Highlights:
- Total financing of USD 231 million:
– USD 120 million multicurrency amortizing term loan
– USD 111 million multicurrency revolving credit facility for general corporate purposes and acquisitions - The initial average interest terms are 145 bps + LIBOR/EURIBOR
- Interest terms will be subject to a margin grid, changing in line with financial leverage
- The financing is for five years, maturing in 2016
- Terms and conditions are in line with Loan Market Association (LMA) corporate standards
- All three banks acted as Bookrunning Mandated Lead Arrangers
The terms are favorable, reflecting Össur’s strong financial profile and good prospects. All existing debt will be refinanced and overall cost of funding will decrease.
FTI Consulting acted as financial advisors and Slaughter and May as legal advisors to the Company.
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