Yesterday, we did a post to alert our blog visitors that Service Point Solutions (SPS) had just announced a successful renegotiation and extension of its debt/financing. The post we did yesterday was based on an e-mail we received from Service Point. The e-mail we received was very brief.
This morning, we checked SPS’ web-site and found that a full Press Release was issued, sometime between yesterday afternoon and this morning, and, so, here’s the information about the Press Release SPS issued.
PLEASE NOTE: AT THIS POINT, THE PRESS RELEASE IS ONLY AVAILABLE IN SPANISH. WE DID NOT FIND WHERE SPS HAS YET POSTED AN ENGLISH LANGUAGE VERSION OF THE PRESS RELEASE. WE EXPECT THAT SPS WILL, AT SOME POINT, ISSUE AN ENGLISH LANGUAGE VERSION OF THE PRESS RELEASE.
1) Here is a click-on link to the Spanish-language version of the Press Release
2) Here’s an unofficial English language version of the Press Release, as translated by using Google Translate. There are, quite obviously, words and phrases that do not translate very well. That’s why I’m suggesting that you look for the official English language version on SPS’ web-site.
Service Point successfully closed debt renegotiation
• The group does agree with 100% of their syndicated bank debt extension to the second half of 2013 and the establishment of new financial covenants in line with its business plan 2011 - 2013
• The agreement strengthens the balance of Service Point and lets you have the necessary liquidity to develop the new Strategic Plan 2011-2013
• In parallel, SPS has approved in General Meeting a capital increase amounting to 14.5 million for the acquisition of Holmbergs, finance the development of online business and strengthen its balance
February 21, 2011 - Service Point Solutions SA has reached an agreement with its banks to extend and improve certain conditions of syndicated financing, strengthening the balance sheet Company and lets you have the necessary liquidity to meet the new development plan Strategy 2011-2013.
The new agreement has been signed by all financial institutions that make up the accused and was obtained under the new Strategic Plan 2011-2013 of the Company, and capital increase approved at an Extraordinary Shareholders' Meeting. The syndicate of seven banks Lloyds Banking Group led by appointed an independent external consultant which validated the plan Service Point business and its ability to generate resources.
The new terms and conditions are following:
• Extension of the expiry of one year, until July 2013.
• Funding set to a maximum of 100 million euros, of which 89.9 million euros are ready to date. 97% of the syndicate is payable maturity and the remaining 3% in yearly installments.
• Establishment of new financial covenants in line with current performance and the new Group's Strategic Plan for the period 2011-2013.
In parallel to the bank refinancing, Service Point has been approved in General Meeting a capital outstanding of 14.5 million euros for the acquisition of Holmbergs (leader in our sector in southern Sweden and northern Denmark), to finance development business lines and strengthen its balance online. The terms of this operation will be presented in the shareholders' meeting of February 21, 2011.
Service Point expects to end fiscal 2010 with a recurring EBITDA without special costs 14.5 million Euros. His goals for 2011 expected to exceed € 20m.
Matteo Buzzi as CFO Service Point Solutions, "The banks have shown a significant support to our new strategic plan. Today, 21 February, we presented the main lines the main plan that advocates a return to organic growth, developing lines online activity (web to print, e-commerce or photo book) that are already getting some rates remarkable growth and strengthening our balance sheet in the short term with the addition of Holmbergs, whose acquisition was financed with own resources. "
Service Point Solutions (www.servicepoint.net) is the leader in document management services and digital printing. Is present in various sectors such as architecture, engineering, construction, finance, government and education, which serves more than 30,000 B2B customers. It employs 2,207 people in 9 countries (UK, U.S., Spain, Germany, Netherlands, Belgium, Norway, France and Sweden), has a total of 133 points in its international network services, 816 facilities management, global presence through Grafix Net Global network and a growing online business that now accounts for 6% of its sales. With headquartered in Spain, SPS is quoted on the Stock Exchanges of Madrid and Barcelona (ticker: SPS.MC).
For more information:
Service Point Solutions, S.A.
Tel +34 935082400 Fax +34 93 508 2442
Tel +34 91 3601669 Fax +34 91 360 16 70