USG People extends bank covenants and lowers debt through factoring>
USG People extends bank covenants and lowers debt through factoring
(Thomson Reuters ONE) - Almere, 2 July 2009, 07:00 CET - USG People N.V. and its banks haveagreed to extend the covenants which are included in its currentfinancial agreements. The adjustments will take effect in the thirdquarter of 2009 and are valid for a period of little more than ayear.The maximal allowable senior leverage ratio (net bank debt /recurring EBITDA) will be raised from 2.5 to 3.0 and the minimalallowable interest coverage ratio (recurring EBITDA / interestcharges) will be lowered from 4.0 to 3.0. From the last quarter of2010, the original values will again be in effect.The extension of the covenants results in an adjustment of theinterest rate that will be calculated as EURIBOR plus a margin. Forthe margin a graduated rate applies, which is dependent on the seniorleverage ratio. The adjusted margin is between 1.50 and 2.50percentage points, depending on the value of the senior leverageratio. Before the adjustment, the margin was between 0.45 and 0.95percentage points.USG People is also lowering its net debt by means of factoring, inwhich a portion of the trade accounts receivable will be sold.Through the factoring, a total of approximately 50 million EUR inaccounts receivable can be sold. Said factoring was done at the endof June.USG People is taking these proactive measures as a precaution in thecurrent unusual market circumstances. The measures taken willstrengthen the balance sheet and the adjusted conditions for thecredit facility give the group more financial certainty in thecurrent market situation.For more information, please contact:Rob Zandbergen, CFOTelephone: +31 (0)36 529 95 20E-mail: rzandbergen(at)usgpeople.comAbout USG PeopleUSG People is active through a large number of strong brands thatjointly provide one-stop solutions in the field of staffing,secondment and HR and customer care services. With annual revenueexceeding ? 4 billion in 2008, USG People ranks fourth in Europe inHR services. Headquartered in the Dutch city of Almere, the group isactive in a large number of European countries including theNetherlands, Belgium, Luxembourg, Germany, Austria, Switzerland, theCzech Republic, Slovakia, Poland, France, Italy and Spain.The brand portfolio of USG People comprises Proflex and Start People(general staffing) - Ad Rem Young Professionals, ASA Student,Content, Creyf's, Express Medical, Geko Zeitarbeit, Receptel,Secretary Plus, StarJob, Technicum and Unique (specialist staffing) -Legal Forces, USG Capacity, USG Energy, USG Financial Forces,USG HR Forces, USG Innotiv, USG Juristen and USG Restart(professionals) - Call-IT (other services).USG People is listed on the NYSE Euronext Amsterdam stock exchangeand is included in the Amsterdam Midcap Index (AMX).For more information on USG People or any of its operating companies,please visit our website at www.usgpeople.com.http://hugin.info/130803/R/1326648/312294.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 02.07.2009 - 01:00 Uhr
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