AndhraNews.net
Home » Business News » 2011 » March » March 29, 2011

Refinancing of long-term debt


March 29, 2011 - London

BWG Homes ASA has entered into an agreement (binding term sheet) with Nordea on the refinancing of the Group's long-term debt. The new financing consists of two parts. The first part is a loan of NOK 400 million with maturity in three years. For this loan, it is agreed NOK 70 million in annual instalments. The second part is an interest-only loan of up to NOK 650 million with maturity in five years.

 

The new funding will be used in its entirety for repayment of the long-term debt which amounted to NOK 1 040 million at year end 2010 with maturity in 2012.

 

"We are very pleased to have established a refinancing of the long-term debt. The new funding has significantly more favourable terms than the old scheme, and will further strengthen the Group's solid and predictable long-term financial platform", comments CFO Arnt Eriksen in BWG Homes ASA.

 

Further information from:
Arnt Eriksen, CFO, BWG Homes ASA, tel: +47 23 24 60 37, +47 922 14 625.

 

BWG Homes develops, sells and constructs residential homes in the Nordic region. The brands owned by the group are Block Watne and Hetlandhus in Norway, Myresjöhus and SmålandsVillan in Sweden. BWG Homes sells and constructs homes through own residential projects and for individual customers. Ranked as a leading residential house builder in its markets, the Group annually completes approx. 2 000 new homes. BWG Homes has 990 employees. In 2010 the operational turnover was NOK 2.9 billion.

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: BWG Homes ASA via Thomson Reuters ONE

HUG#1501130

GlobeNewswire

Comment on this story

Share