Pipelife International through its subsidiary Pipelife Finance B.V. amended today its multicurrency term loan and revolving credit facilities dated 25th October 2005. Whereas the actual credit facility has a volume of 165 million Euro, the credit lines of the amended facilities have been increased to 189 million Euro. The new 5 year multicurrency credit facilities are split into a 174 million Euros multicurrency revolving credit facility and 15 million Euros ancillary facilities. The amendment and restatement of the facilities were arranged by Bank Austria Creditanstalt AG.
“After the very successful debut of Pipelife on the European financial market in the year 2004 and the successful refinancing in the year 2005, also this financing was oversubscribed” commented Marc Vandermensbrugghe, Chief Financial Officer of Pipelife and “Taking into consideration the very difficult environment on the financial markets currently, the oversubscription is a clear sign of confidence by the financial community in Pipelife.” The facilities will be used to refinance Pipelife’s existing 165 million Euro multicurrency credit facilities and for general corporate purposes.
Pipelife, with its headquarters in Wr. Neudorf, Austria, is one of the world’s leading suppliers of plastic pipe systems, with pro-forma sales of 826 million Euro and 3.000 employees in 2006, currently present in 29 countries. It manufactures and markets a wide range of quality pipe systems, providing tailor-made solutions for municipal infrastructure as well as for the industrial and house-building sectors. Pipelife is a JV between Solvay of Belgium and Wienerberger of Austria.
For more information please contact: