Press Release
20.10.2004New financing Transaction Illustrates the Great Confidence of Banks in ONE
700 million syndicated credit line successfully completed
Financing through a consortium of major international and national banks
Substantial oversubscription of the requested credit amount
On October 18, 2004, ONE successfully completed one of the largest financings ever made for an Austrian corporation through a 700 million syndicated bank loan facility. 22 international banks made offers totaling over 1 billion. The considerable oversubscription of the loan sum confirms the great confidence of international banks in the corporation ONE.
This transaction represents another milestone in ONEs financial development. The loan conditions show that after only six years of operations, banks consider ONE as a company of high credit rating. The new loan is uncollateralized and has a maturity of five years. From the end of 2005, the credit line will be reduced to a level of some 65% of the total loan by the end of the term.
Holger Püchert, CFO of ONE, said, The recently signed refinancing transaction in the amount of 700 million and the oversubscription by banks illustrate the great confidence of the capital markets in ONE.
High financial and operating flexibility
The new syndicated credit line terminates the project financing phase of ONE. Through this refinancing, ONE gains further long-term strategic and operating flexibility. Part of the new funds will be used to repay the existing project financing established in 2001. In addition, shareholder loans can be reduced or strategic moves could be taken up.
Top-class consortium of banks
The consortium is led by the four internationally renowned banks BNP Paribas,SG Corporate and Investment Banking, The Royal Bank of Scotland and WestLB AG. They structured, arranged and successfully placed the transaction in the market. From among Austrian banks, Erste Bank, Bank Austria Creditanstalt, Raiffeisenlandesbank Wien-Niederösterreich and Österreichische Volksbanken participated in the transaction.
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