Knocking Down the Bone Pile: Gold Mitigation for Class 2 Electronics
Punching Out: Your Financial Preparation for a Sale
Nolan's Notes: The Next Killer App in Component Manufacturing
Neways Reaches Refinancing Agreement
November 10, 2016 | Neways Electronics International N.V.Estimated reading time: Less than a minute
EMS firm Neways Electronics International N.V. has reached an agreement with ING and ABN AMRO concerning the refinancing of the company. The new credit facility of €57.5 million in total replaces the three-year facility with ING and ABN AMRO set to expire mid-2017.
The new group facility expires 31 October 2018, with a one-year extension option. The facility consists of a long-term loan of €5.0 million and a current account facility that has been expanded with €17.5 million to €52.5 million. The facility provides for a €5.0 million repayment of the long-term loan before 1 October 2017.
With the new agreement, equity is to reach at least €50.0 million in 2016 and €55.0 million in 2017 and 2018. Additionally, EBITDA over the last twelve months (LTM) should be at least €10.0 million. The old agreement included conditions for a minimum solvability of 35% and a maximum net debt/EBITDA of 3.0. Pledging requirements practically remain unchanged.
"This new and broader group facility with more favourable conditions provides sufficient strength and flexibility in the covenants to pursue our growth strategy and operational improvement programme going forward. Additionally, this new agreement assures Neways a financing structure that fits the characteristics of our Company and on balance results in lower interest expenses," said Paul de Koning, CFO.
Share on:
Suggested Items
Neways Firmly Expands Defense Business
04/21/2025 | NewaysNeways Electronics, the global innovator in mission-critical electronics, foresees very strong growth in its defense-related activities in the near term.
Neways Partners with MilDef for the Production of Advanced Electronic Components
11/15/2024 | NewaysNeways, the global innovator in mission-critical technology for leading semicon, connectivity and smart mobility companies, announces it has entered into a partnership with MilDef, the developer of world-leading tactical IT solutions, products and systems, made to perform in the toughest conditions.
Neways Adds Saab to Its Blue-chip Customer Portfolio
05/13/2024 | NewaysNeways, the global innovator in mission-critical technology for leading semicon, connectivity and smart mobility companies, has onboarded Saab as new customer.
Neways Recognizes Key Suppliers at electronica 2022
11/21/2022 | NewaysNeways is proud to recognize its key suppliers for Overall performance, Innovation, and Sustainability at electronica 2022.
Neways, Magnetec Expand Partnership in Smart Mobility
11/18/2022 | NewaysNeways and Magnetec are excited to expand their partnership in Smart mobility for the design, development, and production of Residual Current Devices. Such RCD offers unique and proven technology for measuring current leakages when charging electric vehicles.