30 Sep 2009 07:00
30 September 2009
e2v technologies plc
Amendment to debt facilities
e2v technologies plc, the specialist developer and manufacturer of high technology components and sub-systems, announces that it has today entered into a waiver and amendment of its existing debt facilities.
As previously announced, e2v has been working with its financial advisors to review a range of options for the most appropriate long term capital structure for the Group. As part of this review, e2v has held discussions with its debt providers and has today entered into a waiver and amendment agreement to its current facilities agreement.
The waiver relates to the testing of its financial covenants under the facilities agreement, due on 30 September 2009, which will no longer take place. The amendments to the facilities agreement incur a fee, payable by e2v to the debt providers, of 75 basis points on a revised facilities amount of £150m and include an additional covenant test due on 30 November 2009. The term of the facilities agreement remains unchanged at 12 July 2011.
Although it is anticipated that the financial covenants, due to be tested on 30 September 2009, would not have been breached, the waiver and amendment agreement provides certainty and has enabled the Board to progress key terms with debt providers for the long term capital structure for the Group.
The additional covenant test, due on 30 November 2009, will include the benefit of proceeds arising from any potential equity capital raising, provided that it has been both fully underwritten and approved by shareholders by 30 November 2009. Preparations are now underway for a potential equity capital raising by the Company to meet this timetable.
e2v will release a period end trading update for the six months ended 30 September 2009 in due course.
Further enquiries:
e2v technologies plc | ||
Keith Attwood, Chief Executive Charles Hindson, Group Finance Director | Tel: 01245 493 493 | |
Website: www.e2v.com | ||
Financial Dynamics | ||
Jon Simmons / Susanne Yule/Sophie Kernon | Tel: 020 7269 7291 |
NOTES FOR EDITORS
e2v
e2v's objective is to be a global leader in the design and supply of specialised components and sub-systems that enable the world's leading systems companies to deliver innovative solutions for medical & science, aerospace & defence, and commercial & industrial markets.
e2v is organised into four divisions:
For the year ended 31 March 2009, e2v achieved sales of £233m and is listed on the London Stock Exchange. In October 2008 e2v acquired QP semiconductor, a leading US-based designer and supplier of specialty semiconductor components used in military and aerospace applications, establishing e2v's first US manufacturing base.
The Company is headquartered in the United Kingdom and has approximately 1700 employees in six production facilities across Europe and North America. e2v also operates a global network of sales and technical support offices, supported by local distributors and resellers.
Further information is available from www.e2v.com