Fugro announces new financing at improved terms

Fugro NV announces a new EUR 400 million financing on improved terms with its relationship banks, consisting of a EUR 100 million term loan and a EUR 300 million revolving credit facility. Both the term loan and revolving credit facility are unsecured and have a 5-year maturity, plus options to extend maturity for a maximum period of two years in total. The new financing will replace Fugro's existing EUR 200 million term loan and EUR 200 million revolving credit facility.

Barbara Geelen, CFO: “During the past months, we have conducted a review of our capital structure with a view to secure significantly improved terms and extended maturities, commensurate with our strong credit profile. This financing package provides us with the flexibility to realise our Towards Full Potential strategy.”

The initial rate of interest is EURIBOR +1.65% on the term loan and EURIBOR +1.30% on the revolving credit facility respectively. Fugro will retain its existing sustainability-linked financing framework and will update the sustainability arrangements and its related key performance indicators (KPIs) in the loan documentation within 9 months after signing. Thereafter the financing arrangements are envisaged to be classified as sustainability-linked, resulting in a discount or penalty mechanism to be applied on the interest margin payable based on the performance against specified annual targets for these KPIs.

The syndicated facilities have been arranged by ING, Rabobank, BNP Paribas, HSBC, Bank of America and Barclays.