EQS-Adhoc: Kapsch TrafficCom AG agrees on comprehensive restructuring with its major financial creditors.
EQS-Ad-hoc: Kapsch TrafficCom AG / Key word(s): Capital Reorganisation
Kapsch TrafficCom AG agrees on comprehensive restructuring with its major
financial creditors.
31-May-2023 / 10:03 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc release.
Kapsch TrafficCom AG agrees on comprehensive restructuring with its major
financial creditors.
• Extension of existing financing and new financing until May 25, 2025
• Dividend policy remains suspended – no dividend payments
Vienna, May 31, 2023 – Kapsch TrafficCom AG (ISIN: AT000KAPSCH9; the
„Company“) announces that it has reached an agreement with its major
financial creditors (including the creditors of the promissory notes
maturing on June 16, 2023) on a comprehensive restructuring of the
financing with a maturity date of May 25, 2025. The objective is a
substantial reduction of net debt by at least EUR 60 million and in the
longer term to a level of net debt to EBITDA of 3.0x.
New financing are subject to increased terms customary in the market; in
addition, the financial creditors are entitled to a repayment surcharge in
certain cases (also for existing financing). In order to achieve the
targeted reduction in current net debt, the Company is committed to early
repayments from surplus cash (cash sweep), from extraordinary inflows and
from pending litigations, as well as to waiving dividend payments. The
Company’s dividend policy therefore remains suspended.
The main shareholder KAPSCH-Group Beteiligungs GmbH supports the
restructuring – in addition to loans already granted at the end of 2022
totaling EUR 5 million – by pledging all of its shares held in the
Company, which currently correspond to around 63.3 % of the Company’s
share capital.
The Company further obligates itself to utilize the entire existing
authorized capital in the amount of 10% of the Company’s share capital
(corresponding to 1.3 million new shares of the Company) in order to
create sufficient liquidity, whereby the majority shareholder KAPSCH-Group
Beteiligungs GmbH is entitled to contribute financial support already
provided.
Contact:
Marcus Handl
Investor Relations Officer
Kapsch TrafficCom AG
Am Europlatz 2
1120 Vienna, Austria
T +43 50 811 1120
[1]marcus.handl@kapsch.net
Further information about Kapsch TrafficCom: [2] www.kapsch.net/ktc Follow
us on Twitter and LinkedIn
End of Inside Information
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31-May-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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Language: English
Company: Kapsch TrafficCom AG
Am Europlatz 2
1120 Vienna
Austria
Phone: +43 50811 1122
Fax: +43 50811 99 1122
E-mail: ir.kapschtraffic@kapsch.net
Internet: www.kapschtraffic.com
ISIN: AT000KAPSCH9
WKN: A0MUZU
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1645599
End of Announcement EQS News Service
1645599 31-May-2023 CET/CEST
References
Visible links
1. marcus.handl@kapsch.net
2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=25fd54bf6c0802ed7fac49ea41fcacb1&application_id=1645599&site_id=apa_ots_austria&application_name=news
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