MASTERFLEX – Technische Schläuche & Verbindungen


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MASTERFLEX – Technische Schläuche & Verbindungen

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MASTERFLEX – Technische Schläuche & Verbindungen
MASTERFLEX – Technische Schläuche & Verbindungen

Ad hoc-Release: Restructuring of Equity and Liabilities

Further Milestone on the way to the Capital Measure


Gelsenkirchen, 09 November 2010. Masterflex AG today signed a syndicated loan agreement for a total amount of EUR 30.6 million with six core banks over a term of initially five years and an agreement with a further seven banks to exit its financing and to waive debt of EUR 10.2 million. These payments under the above contractual agreements and the granting of the indemnity bonds applied for are essentially still subject to the requirement that an equity measure is successfully placed, generating an inflow of liquidity in the amount of the debt waived.

Regarding the indemnity bonds applied for, positive decisions have already been made by the federal states involved regarding their being granted. Thus, a key condition of the core banks - that of hedging some of the new loans with guarantees furnished by federal states - has been satisfied. The commitments issued are subject to the usual requirements and conditions regarding the inclusion of the guarantee terms and conditions and guidelines of the respective federal state, the design and implementation of the loan agreement and also other asset coverage.

Regarding the capital injection, the Annual General Meeting of Masterflex AG resolved a capital increase against cash contributions by issuing up to 4.36 million new shares with a pro rata share of capital of EUR 1.00 per share on 17 August 2010. The resolution was entered in the company's commercial register on 17 September 2010 and preparations are underway for implementing the capital increase. The Executive Board expects to publish the subscription offer with further details on the capital measure before the end of the current month of November. On the successful performance of the equity measure, the corresponding requirement for the payments resulting from the loan agreements and the debt waiver agreement will be satisfied. The full process is to be completed by 15 December 2010, which the Executive Board considers to be realistic given what has been achieved to date.

IR-NewsAd-hoc AnnouncementsMasterflex Group