RHJ International S.A. (Euronext: RHJI) announces today that Honsel has successfully completed its financial restructuring on the terms previously agreed with its lenders.
As part of this restructuring, RHJI invested EUR 50 million into the Honsel group in exchange for a controlling 51% stake in the group. The remaining 49% is held by Honsel’s senior term lenders following a debt-for-equity swap, which resulted in Honsel’s total outstanding secured term debt of approximately EUR 510 million being reduced to EUR 140 million (split into a EUR 110 million senior term loan and a EUR 30 million mezzanine term loan), all of which is held by Honsel’s former senior term lenders. Honsel’s other existing funding arrangements, including its EUR 40 million revolving credit facility, its EUR 20 million of factoring and sale-and-leaseback financing from RHJI and EUR 30 million of term loans from certain of Honsel’s key customers and suppliers, will remain in place.
The equity support provided by RHJI to Honsel underlines once again RHJI’s long-term commitment to its investments. Despite the current disruption in the automotive industry, RHJI is convinced that Honsel is now well positioned to weather the current economic downturn and emerge stronger when the global economy recovers.
Further details can be found in the attached press release from Honsel.
About HonselHonsel is one of the world’s leading producers of light-metal components with its primary focus on the automotive industry. The group develops and manufactures aluminium and magnesium products using casting, extruding and rolling processes for engine, transmission, suspension and car body parts of passenger cars and commercial vehicles. The group also supplies products for engineering and other applications. Components and solutions from Honsel reduce vehicle weight, fuel consumption and emissions, thus contributing to environmental protection. Founded in 1908, Honsel has become a development partner and systems supplier for the worldwide automotive industry and has facilities in Germany, France, Spain, Brazil and Mexico.
About RHJ InternationalRHJ International S.A. (Euronext: RHJI) is a limited liability company organised under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring interests in businesses in attractive industries.
For further information, please contact:
Arnaud DENISInvestor Relations Director RHJ International S.A. Email: adenis@rhji.com
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Fiscal Year Ended March 31, 2010
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