AE&E: Syndicated guarantee facility increased to EUR 798m
Additional scope for continued growth
Vienna, 17 August 2010 – The AE&E Group – the Plant Construction Division of the Vienna listed A-TEC Industries Group – successfully completed negotiations on an increase in its syndicated guarantee facility to EUR 798 million (m). On 12 August 2010 the facility was increased by EUR 42.5m to EUR 798m. The Book-runner and Agent is KBC Bank NV, and the transaction also involves 14 other well-known international banks. This follows a two year extension in maturity as announced in a press release on 23 July 2010.
The increase in the guarantee facility gives the AE&E Group sufficient financial backing to underpin the medium-term growth of its business.
AE&E signed an initial agreement with KBC Bank NV for a EUR 700m syndicated guarantee facility in 2008. This was increased to EUR 755.5m in 2009 and was extended to 2013 in July 2010. The facility provides the bank and other guarantees required by the AE&E Group in its day-to-day operations. Taking existing bilateral arrangements into account, the AE&E Group now has access to over EUR 1 billion in guarantee facilities.