29 September 2005, Press release
Dynea enters into new 410 million euro credit facility
The company redeems its outstanding notes and repays current bank loans
Dynea International Oy today announced the redemption of all of its outstanding 12¼% notes due 2010 on a redemption date of November 1, 2005. The notes will be redeemed pursuant to the terms of the indenture governing the notes at a redemption price of 106.125% plus accrued and unpaid interest to November 1, 2005.
To finance the redemption and to refinance Dynea Chemical’s existing senior credit facility, Dynea International has entered into a new eight year, €410 million credit facility with a Nordic group of financial institutions led by Nordea. Net of shareholder contributions in the form of equity and shareholder loans, Dynea International’s external net debt will be reduced from approximately €500 million to €350 million.
“With the improved financial performance and the refinancing we will considerably increase our development opportunities. Considerable contributions from our shareholder leading to a lower debt burden and clearly reduced debt servicing obligations will free up funds for investments into growth”, says Filip Frankenhaeuser, Executive Vice President of Dynea.
For more information, please contact:
Filip Frankenhaeuser, EVP & CFO
tel. +358 10 585 2011
Dynea in brief
Dynea is a global provider of superior adhesion and surfacing solutions. In 2004, Dynea had combined revenues of EUR 1.1 billion. With 54 production units in 26 countries in Europe, the Americas and Asia Pacific, Dynea has some 3,100 employees.
Visit our Internet web sites at www.dynea.com to learn more about our operations.