Zwolle, 30 November 2010 – Wavin, Europe’s leading supplier of plastic pipe systems and solutions, today announces that it has successfully amended the interest margin of its syndicated loan facility, arranged in 2009. The reduced interest margin reflects the improved business and credit market conditions and will result in annual savings of EUR 3.5 million on financing costs under the existing facilities.
The amendment was reached with full consent of the syndicate of lending banks.
The EUR 500 million facility (maturing October 2011) and the EUR 475 million forward start facility (starting October 2011, maturing April 2013) remain in place. The size of the facility and the financial covenants create sufficient flexibility for the coming years.
The benefits of the revised margin have become effective immediately.