EFORE PLC Stock Exchange Release 21 November, 2018 at 3:55.
Efore Plc to reorganize its financing
Efore has agreed with its main financier on the reorganization of its loans, conditional on the implementation of the planned rights offering announced today.
As a result, Efore and the main financier have agreed a new payment scheme for the next five years for EUR 6.0 million loans maturing on December 12, 2018. The loan agreements signed with the financier include the following covenants: (i) equity ratio, (ii) net debt/12 months rolling adjusted EBITDA, and (iii) adjusted EBITDA in euros.
The covenants concerning equity ratio and adjusted EBITDA in euros were breached at the end of financial year 2017, but the Company received a waiver from the main financier in February 2018 to deviate from the covenants. Efore has agreed with the Company’s main financier that the next measurement point for the loan covenants will be December 31, 2018. The main financier announced that if the covenants are not met when measured on December 31, 2018, the financier is prepared to grant a waiver for the breach.
EFORE PLC
Jorma Wiitakorpi Vesa Leino
President and CEO CFO
For further information please contact Jorma Wiitakorpi, President and CEO, tel. +358 40 175 8510 or Vesa Leino, CFO, tel. + 358 40 759 8956.
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Nasdaq Helsinki Oy
Principal media
Efore Group
Efore is an international Group which develops and produces demanding power products. Efore's head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the financial year ending in December 2017, consolidated net sales totalled EUR 69.9 million and the Group's personnel averaged 432. The parent company's share is quoted on the Nasdaq Helsinki Ltd.
www.efore.com