Kaufman & Broad Announces the Closing of the Refinancing of Its Syndicated Bank Debt (“Senior Debt”)
March 31 2014 - 12:08PM
Business Wire
Regulatory News:
KAUFMAN AND BROAD S.A. (Paris:KOF) (THE “COMPANY”)
ANNOUNCES THE CLOSING OF THE REFINANCING OF ITS SENIOR DEBT BY
MEANS OF A NEW SENIOR facilities agreement for a total amount of
€200,000,000 (the “New Senior Facilities Agreement”) which
will replace its existing Senior Debt.
Successful completion of refinancing
The implementation of the New Senior Facilities Agreement was
conditioned on the success of the refinancing by its majority
shareholder, Financière Gaillon 8 SA, which closed today.
Financière Gaillon 8 SA issued €370,000,000 aggregate principal
amount of Senior Notes due 2019 (the “Senior Notes”). The
Senior Notes will bear interest at an annual rate of 7.00%. A
portion of the net proceeds from the issuance and the sale of the
Senior Notes will be used to prefund the interest payable on the
Senior Notes for the first interest period.
The New Senior Facilities Agreement will mature in five years
and includes:
- a new Revolving Credit Facility of up
to €50,000,000 aggregate principal amount; and
- a new senior credit facility of
€50,000,000 aggregate principal amount available under a Facility A
tranche (“Facility A”) and of €100,000,000 aggregate
principal amount available under a Facility B tranche (“Facility
B”).
The Company has drawn the full amounts available under Facility
A and Facility B, for a total of €150,000,000, and has applied
these amounts, along with available cash, to fully repay debt
outstanding under its existing senior credit facilities dated July
9, 2007 (as amended). As of the date hereof, the Company has not
drawn on its new revolving credit facility.
About Kaufman & Broad SA
For more than 40 years, Kaufman & Broad has been designing,
supervising the construction of and selling single-family homes in
communities, apartments and offices on behalf of third parties.
Kaufman & Broad is a leading French property builder and
developer in view of our size, earnings and the power of our
brand.
For more information about Kaufman & Broad SA:
www.ketb.com.
Important Notice
This press release and the information contained herein do not
constitute an offer to sell or subscribe for, nor the solicitation
of an order to purchase or subscribe for, securities in the United
States of America or in any other country.
This press release does not constitute or form a part of any
offer or solicitation to purchase or subscribe for securities in
which, or to any persons to whom, such an offer, solicitation, or
sale is unlawful. The securities mentioned herein have not been,
and will not be, registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States
absent registration or applicable exemption from the registration
requirements under the Securities Act and applicable state
securities laws.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the securities described
herein, and shall not constitute an offer to sell or a solicitation
of an offer to buy, or a sale of, any of the securities described
herein or any other securities in any jurisdiction in which such
offer, solicitation or sale is unlawful.
This press release does not constitute or form part of an offer
or solicitation of an offer to purchase or subscribe for securities
in France. The securities described herein have not been offered
and will not be offered or sold, directly or indirectly, to the
public in France. Any offer of such securities or distribution of
any offering material relating to such securities will be made only
to (i) persons providing investment services relating to portfolio
management for the account of third parties (personnes fournissant
le service d’investissement de gestion de portefeuille pour compte
de tiers) and/or (ii) qualified investors acting for their own
account as defined under articles L. 411-2 et D. 411-1 of the
French Monetary and Financial Code and in accordance with articles
L. 411-1 et L. 411-2 of the French Monetary and Financial Code.
In member states of the European Economic Area which have
implemented Directive 2003/71/EC (as amended) (the “Prospectus
Directive”) other than France, this press release and any offer if
made subsequently are directed exclusively at persons who are
“qualified investors” and acting for their own account within the
meaning of the Prospectus Directive and any relevant implementing
measures in the relevant member state.
This press release is not an invitation nor an inducement to
engage in investment activity for the purpose of Section 21 of the
Financial Services and Markets Act 2000, as amended (“FSMA”). This
press release is directed only at (i) persons outside the United
Kingdom, (ii) investment professionals falling within Article 19(5)
of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the “Order”), (iii) persons referred to in
Article 49(2) (a) to (d) of the Order (high net worth entities,
non-registered associations, etc.) and (iv) other persons to whom
this document may be lawfully communicated (all persons listed in
(i), (ii), (iii) and (iv) above being referred to as “Relevant
Persons”). The securities described herein are available only to,
and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with,
Relevant Persons. Any person who is not a Relevant Person must not
act or rely on this document or any of its contents.
The information contained in this press release does not
constitute an offer of securities for sale in Australia, Canada or
Japan. The release, publication or distribution of this press
release in certain jurisdictions may be restricted by laws or
regulations. Persons in such jurisdictions into which this press
release is released, published or distributed must inform
themselves about and comply with such laws or regulations.
Cautionary Note on Forward-Looking Statements
This document contains forward-looking objectives and statements
with respect to Kaufman & Broad SA’s financial condition,
results of operations, business and strategy. These objectives and
statements are based on assumptions that are dependent upon
significant risk and uncertainty factors that may prove to be
inexact and are thus liable to be affected by known or unknown
factors that Kaufman & Broad SA cannot easily control or
forecast, which may render the results materially different from
those stated, implied or projected by the company. These risks
specifically include those listed under the heading “Risk Factors”
in the Reference Document filed with the AMF on March 6, 2014
(number D.14-0121).
Kaufman & BroadChief Finance OfficerBruno Coche, +33
(1) 41 43 44 73Infos-invest@ketb.comorPress relationsWise
ConseilDelphine Peyrat, +33 (6) 38 81 40
00dpeyratstricker@wiseconseil.com
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