Essen, 20. December 2013. On 20. December 2013 Vier Gas Transport GmbH (Viergas) successfully established a new Revolving Credit Facility (RCF) in the amount of € 200m with a tenor of five years on improved terms. Following the successful bond refinancing in the summer of 2013, through the issuances of three public bonds amounting to a total volume of € 2.25bn, Viergas took the final step in the process of replacing its original acquisition facilities with the refinancing of its existing RCF.
Viergas had funded the acquisition of Open Grid Europe GmbH in July 2012 through secured bank financing (term loans) in the amount of € 2.2bn, which the group intended to refinance by appropriate capital market instruments in the medium term. In addition, revolving credit line commitments of approx. € 500m were available to cover capital expenditure and working capital financing requirements of the group.
After Viergas received an investment grade rating of A- by Standard & Poor´s in February 2013, three bond issues with a nominal amount of € 750m each were successfully placed in the capital markets under the existing € 5bn-EMTN-Programme in June 2013 and July 2013. The bond proceeds were used to repay the entire existing bank debt of € 2.2bn.
The revolving credit line commitments which were subsequently still available and unutilised have now been replaced by the new RCF in the amount of € 200m. The reduced volume accommodates the future financing requirements of the group.
Owing to the long tenor of the bonds maturing in 2020, 2023 and 2025 as well as the new RCF maturing in 2018, the company has a diversified maturity and well-balanced liquidity Profile.