Zwolle, 8 June 2009 - Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today announces that the company has reached agreement with the coordinating banks of its lending facility
(Fortis Bank Nederland, ING, Rabobank and RBS) on the outline of a comprehensive recapitalisation package.
The financing package would include an amendment and restatement of the existing debt facility and a forward start agreement of EUR 475 million to extend the maturity of the company's debt facility to April 2013. Furthermore, the company is in advanced discussions with relevant parties on a EUR 225 million capital raise, mainly through a rights issue. The company has postponed discussions with CVC on a potential private placement of convertible securities.
The capital raising would be conditional, amongst others, upon support from the syndicate banks for the amendment and restatement of the existing facility and the forward start facility as well as shareholder approval at an EGM.
Further announcements will be made when appropriate.