Roermond (the Netherlands), 26 February 2019 - Sif Holding N.V. today announces that it has reached an agreement with RABO bank, ING, ABN AMRO, Euler-Hermes and Tokio Marine concerning the refinancing of the Company. The new credit facility of € 350 million in total replaces the facility of € 250 million in total set to expire mid-2019.
The new facility expires 22 February 2022, with two one-year extension options. The facility consists of a revolving credit facility of € 100 million and a committed guarantee facility of € 250 million. The previous arrangement had a revolving credit facility of € 90 million with committed guarantee facilities of € 160 million. The increase in facilities serves to support SIF's future business.
Margins and commitment fees remain unchanged at Euribor plus a surcharge that depends on the leverage and solvency on a quarterly basis. The new leverage (net debt/EBITDA) should be equal to or less than 2.5 (was 1.5 under the expiring facility) and the solvency should be equal to or more than 30% in 2019 and 35% during the years beyond 2019. .
The financing arrangement has also been made sustainable. Sif can earn discounts of max 0.05% if certain sustainability KPI's are reached.
Leon Verweij, CFO: "This amended and broader facility provides sufficient flexibility to pursue our strategy going forward. This new agreement assures Sif a financing structure that fits the characteristics of our Company."