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Boels Topholding B.V. is pleased to announce that on May 24 2024 it has successfully closed the Amend & Extend transaction of its syndicated Term Loan B and Revolving Credit Facilities totaling €1,350,000,000.
Following the issuance of the €600 million Senior Secured Notes (SSN) in April, Boels successfully approached the loan capital markets to extend €1,050 million of its existing €1,250 million Term Loan B (TLB) to 2031. Part of the proceeds of the bond issue were applied to reduce the outstanding amount of the TLB. The transaction is leverage neutral and reduces the interest rate margin applicable on the TLB by 25 basis points to 3.00%.
Simultaneously the Revolving Credit Facility (RCF) has been increased to €300 million and extended to 2030.
Commenting on the transaction, Chief Financial Officer Jan Piet Valk said:
We are very pleased with the strong market demand for our TLB. This transaction fits well within our strategy to further optimize our capital structure, diversifying maturities and funding sources.”
On this transaction ING and Rabobank acted as Global Coordinators and Active Bookrunners, while ABN-AMRO Bank, BNP Paribas and J.P. Morgan acted as Active Bookrunners.
