€80 MILLION DEBT ADVISORY AND PLACEMENT
Augusta & Co plc have advised Teleplan International N.V. (”Teleplan”) on the refinancing of its existing debt facilities. As part of this mandate, Augusta & Co placed a €50 million six and seven year senior debt, including a €10 million revolver as well as a €30 million eight year bullet mezzanine loan.
Teleplan, based in Zoetermeer in the Netherlands, is a leading global provider of After Sales and Repair Services to the consumer electronics industry and its customers. Quoted on the Frankfurt stock exchange, with a current market capitalisation of €59.1 million the Company reported €254.1 million of sales and €14.3 million of adjusted EBITDA in the last twelve months ended Jun-07.
The new debt facility is being provided by three lenders: ABN AMRO Bank N.V., Lloyds TSB Bank plc and DAM Invest Sarl (part of the DAM Capital Group). ABN AMRO Bank N.V., Lloyds TSB Bank plc and DAM Advisors Limited acted as joint Mandated Lead Arrangers. Lloyds TSB Corporate Markets acted as book runner and is the agent for all facilities.
This debt package repays all the Company’s existing debt that originated from the start of the Company’s operational restructuring and turnaround since 2004. As such the new facilities provide a cheaper funding package with greater operational flexibility and growth financing.
Gotthard Haug, the Company’s CFO commented: “We used Augusta to find for us a tailor-made financing that would provide more flexible and cost-effective funding, as well as making a public statement that our turnaround has now been successfully achieved. The Augusta team were very diligent and creative in searching out the best options for us and indefatigable in pushing the deal through to a successful completion in what proved to be a very challenging market.”
Robin Menzel, who led the refinancing, commented “We are very proud to be associated with Teleplan and to have been able to help them move forward with a rehabilitated debt structure that can now support the Company’s growth. This transaction provides a good verification by the capital markets of what the management team has already achieved at Teleplan”.
The transaction closed in October 2007.