Wavin: Refinancing after share offering

Wavin Group has signed a multi-million euro credit facility which the pipes company says boosts its finances after its initial public offering in the Netherlands last week. The financing involves a €750m facility, consisting of a €400 million committed term loan facility and a €350 million committed revolving credit facility, and an uncommitted €100m term loan facility. The company said the deal has considerably reduced its financing costs. Wavin chief financial officer Pim Oomens said: “Following the IPO, Wavin has significantly strengthened its financial position. We have reduced our interest bearing debt by issuing new shares and converting preference shares into ordinary shares.” He said the company now has net debt close to the target of €655m it announced at the IPO. The underwriters of the credit facility were ABN AMRO Bank, Fortis Bank, ING Bank and Rabobank.

Leave a Reply

You must be logged in to post a comment.