Lindorff Group, the leading European full-service credit management services provider, today releases the following additional information regarding its recently-completed EUR 200m non-syndicated loan facility and EUR 55m bilateral credit facility.
EUR 200m non-syndicated loan facility
On 5 October 2016, Lock Lower Holding AS (the “Borrower”) entered into a non-syndicated loan facility agreement. The loan facility has an approximate six-year maturity and bears interest at an initial rate of EURIBOR (with a zero floor) plus 5.50%, subject to margin increases over time. Obligations under the facility will rank equal in right of payment with the Borrower’s existing EUR 250 million Senior Notes and SEK 1.85 billion Floating Rate Notes. The facility is secured by a share pledge over the shares of the Borrower, and second priority pledges over the shares in Lock AS and in certain intercompany receivables of the Borrower. The proceeds of the loan facility will be on-lent to Lock AS under a proceeds loan agreement to be used as liquidity for the group’s strategy of profitable growth in the non-performing loans area, and in the short term will be used to reduce drawings under the Lindorff group’s revolving credit facility.
EUR 55m bilateral credit facility
On 5 October 2016, Lindorff Capital AS entered into a bilateral credit facility agreement for the NOK equivalent of EUR 55m. The bilateral credit facility has a 3.5-year maturity and bears interest at NIBOR (with a zero floor) plus 4.50%. The facility is unsecured. The proceeds of the loan will be used to repay a portion of an existing intercompany loan owed to Lock AS, to be used as liquidity for the group’s strategy of profitable growth in the non-performing loans area, and in the short term will be used to reduce drawings under the Lindorff group’s revolving credit facility.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Founded in 1898, Lindorff is the leading full-service European credit management service provider, offering services within debt collection and debt purchase as well as payment and invoicing services.
The company has 4300 employees in 13 countries with headquarters in Oslo, Norway. In 2015 Lindorff generated EUR 534 million in net revenue (2014: EUR 475 million).
Lindorff is majority owned by Nordic Capital Fund VIII. www.lindorff.com