Release from 31.12.2021

EANS-Adhoc: FACC and core banks adjust financing conditions

FACC has successfully closed its waiver negotiations for its core funding facility.

The expected one-off effects on the financial and earnings development of the Group due to the ruling of a London arbitration court in connection with claims of a supplier required an adjustment of the contractual terms of the existing syndicated loan (total volume EUR 285 million distributed among seven banks, maturity until August 29th, 2023).

The focus was on the financial covenant net financial debt/EBITDA, which is tested every six months and was last adjusted by an amendment agreement on December 18th, 2020 as a result of the Corona crisis.

In the consensual negotiations, an adjustment of the covenant calculation (covenant calculation adaptation) and adjustments to the covenant itself (covenant reset) were agreed for the next test dates. As of the test date June 30th, 2023, FACC will return to the originally agreed covenant of net financial debt/EBITDA ≤ 4.0.

   31.12.2021  30.06.2022  31.12.2022  30.06.2023
Net Financial Debt/EBITDA  ≤ 5,25*  ≤ 5,25**  ≤ 4,5  ≤ 4,0
*negative effects of the London arbitration court decision will be adjusted
**EBITDA 1. HY 2022 will be extrapolated on a 12-month basis

In the course of the amendment negotiations, the maturity of the Covid-19 KRR facility of the Austrian Kontrollbank (OEKB) in the amount of EUR 60 million which is also part of the syndicated loan was extended by one year (March 31st, 2023) and the availability of the M&A facility of the Syndicated loan in the amount of EUR 50 million was restricted.

All other provisions of the last amendment agreement dated December 18th, 2020 were adopted unchanged.

No amendment agreement is required for the promissory note loan issued in 2019 (EUR 70 million).

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