PRISMAFLEX INTERNATIONAL : Signing of an agreement concerning outstanding debt


Prismaflex International announces it has signed an agreement with its banks concerning outstanding debt on September 30th 2009.

The key elements to the agreement cover:

An extension of the existing syndicated loan: the outstanding balance of 2.4 M¤ will be paid off over four years rather than two (half-yearly payments of 304 K¤ rather than 608 K¤). The extension comes with the modification of certain clauses of the contract to homogenize the principal obligations and ratios with those relating to the strengthening loan decided upon. The company obtained unanimous agreement from the banks. The consolidation and conversion of existing short term credit lines (including overdrafts) for Prismaflex International and Prismaflex "Mobilier Urbain", into a strengthening loan. This redeemable loan, granted by the Group's five banks, bears on 4.2 M¤. It becomes effective as from the date of signature of the contract and ends on September 30th 2014 or December 31st 2014.

The agreement includes usual terms for such a contract, notably:

An applicable Margin rate not exceeding 2.40% / year and graded if certain ratios are reached; Progressive quarterly repayments (beginning 30th June 2010); The usual conditions relating to information, obligations and anticipated redemption for such a contract; The respect of ratios as indicated below:
Calculated on : R1 ratio maximum amount R2 ratio maximum amount R3 ratio minimum amount
31/03/2010 110% 4.0 1.0
31/03/2011 110% 3.5 1.0
31/03/2012 100% 3.0 1.0
31/03/2013 90% 2.5 1.0
31/03/2014 90% 2.5 1.0
31/03/2015 90% 2.5 1.0

Gearing R1: Consolidated Net Debts / Consolidated Equity Capital
Leverage R2: Consolidated Net Debts / Consolidated EBITDA
Debt servicing ratio R3: Consolidated Cash Flow before Debt Servicing / Consolidated Debt Servicing

A pledge of Prismaflex International business assets; A counter guarantee from Oséo; The implementation of an interest rate risk hedging.

Next press release: First six-month results, October 15th, 2009

Emmanuel Guzman / CFO - Phone: 04 74 70 68 00 -
Amalia Naveira - analysts/investors contact - Phone: 04 72 18 04 92 -
Marie-Claude Triquet - press contact- Phone: 04 72 18 04 93 -

Outdoor Advertising solutions manufacturer and large format digital printing
ISIN : FR0004044600-PRS - Reuters : PRS.PA - Bloomberg : PRS FP
Eurolist by Euronext Paris - Compartiment C

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