The Knowledge Base: The Era of Advanced Packaging
Standard of Excellence: Finding and Developing Future Leaders in Manufacturing
Global Sourcing Spotlight: Navigating the Variables of Holiday Schedules in Global Sourcing
Cicor's Successful Renewal, Increase of Syndicated Loan Secures Financing
October 31, 2023 | CicorEstimated reading time: 1 minute
Benefitting from the current market environment and to provide greater flexibility for day-to-day operations and further growth, Cicor Group has signed a credit agreement on October 30, 2023 to refinance the existing portfolio and increase it to CHF 245 million.
Cicor's existing syndicated loan of CHF 155 million has been renewed at attractive conditions ahead of its maturity date of June 18, 2025 and increased to CHF 245 million. It consists of a new revolving credit facility of CHF 120 million and two acquisition facilities of CHF 75 million (already partially amortized) and CHF 50 million, as well as an additional optional acquisition credit line of CHF 75 million. The new credit agreement has a term of four years with two one-year extension options. The renewal of the revolving credit facility provides financial and liquidity security and increases Cicor's overall strategic flexibility.
The loan agreement was structured as a syndicated loan. The syndicate consists of a group of banks including Commerzbank AG as mandated arranger, agent, bookrunner and security agent, Landesbank Baden-Württemberg as arranger, HSBC Continental Europe S.A., Germany, Migros Bank AG, IKB Deutsche Industriebank AG and Raiffeisenlandesbank Oberösterreich AG.
In addition to an acquisition credit line of CHF 50 million, the new credit agreement contains an optional acquisition credit line in the amount of CHF 75 million, which, in the event of a future acquisition, is to be used to finance the purchase price as well as the working capital of the company to be acquired.
Share on:
Suggested Items
Cicor Publishes Nine-month Results Report due to OEP Mandatory Offer
12/20/2024 | CicorCicor Group is publishing a nine-month report today. OEP has published a mandatory offer after it converted its Mandatory Convertible Bonds (MCNs) and thereby crossed the mandatory offer threshold.
OEP 80 B.V. Published Cicor’s Pre-Announcement for Mandatory Offer
12/09/2024 | CicorCicor Group announces that OEP 80 B.V. (OEP) published the pre-announcement for a mandatory offer for all the shares of Cicor Technologies Ltd. held in the public.
Cicor Unveils Strategy 2028 to Lead as Pan-European Electronics Innovator
11/05/2024 | CicorCicor Group announces its Strategy 2028 as well as updated financial mid-term targets and is hosting its Investors' Day 2024 in Zurich this evening.
Real Time with... SMTAI 2024: Koh Young's Lessons in System Integration
10/30/2024 | Real Time with...SMTAINolan Johnson speaks with Joel Scutchfield from Koh Young at this year's SMTA International convention in Rosemont. Scutchfield shares insights on data-driven factories and the dynamics of adopting new technologies and processes.
Cicor Group Continues to Thrive in a Challenging Market
10/15/2024 | CicorRevenue increased by 26.3% to CHF 120.4 million, bringing the year-to-date total to CHF 351.7 million. The company's strong order intake, with a book-to-bill ratio of 1.01, indicates a healthy pipeline of future business.