NEUMARKT (Dow Jones) – The Wood Processors Pfleiderer after its successful refinancing again more financial flexibility, but will pay no dividend for the previous year. "We will probably pay 2010 to 2009 no dividends," said CEO Hans H. Overdiek Monday in a conference call.
The purchaser of a hybrid bond whose interest payments were suspended last year, also need to continue to wait for their money. "If we pay a dividend, then we think again about the payment of interest for hybrid," said Overdiek. "We will make sure 2010 will not pay increased this issue," he added.
According to Pfleiderer months of fighting had ended on the weekend, the final contracts for its recapitalization of 815 million euros. Some 30 banks are involved in financing by 2013, two of them placed themselves in the negotiations across time. "It was a sometimes very frustrating process," said Overdiek on Monday.
Pfleiderer announced after the conclusion of the financing package, "in due time" to carry on equity measures. Banks wanted it loud Overdiek in the negotiations to make it a condition to be allowed to accompany a future capital increase. "Banks have huge numbers of attempts to link with unfair means mandates with further funding," said the CEO. "We have rejected the strict and not let ourselves be blackmailed," he added.
Details for future capital is not called Overdiek. At the AGM the middle of last year, the MDAX-group of shareholders the authority to issue convertible bonds and bonds with warrants had been obtained. Of New Market was approved at the time of conditional capital of 54.6 million euros.
With the new financing package, the timber processor may continue to have) a significantly higher proportion of its net debt to earnings before interest, taxes, depreciation and amortization (EBITDA. The banks admit Pfleiderer AG, that the net debt may not exceed the 6-times the EBITDA, as Overdiek said. To date, was here with the banks, a ratio of 3.5 was negotiated. For the current year, there are no guidelines in this regard, according to Pfleiderer.
The recapitalization is now also includes a loan from the KfW-Germany-fund over 140 million EUR, the Pfleiderer expects his syndicated loan. This is therefore about 600 million euros. In addition, 155 million euros is for a promissory note loans and 60 million euros for bilateral credit agreements.
Using the operating cash flow, net debt will Pfleiderer due in the next four years by more than 350 million euros. With a lower debt to fall, according to Overdiek also the interest that the group must pay the banks. "We should have a significant three-digit million amount from the cash flow can be used to repay debt," said the CEO.
In the Polish subsidiary Pfleiderer Grajewo SA, the financing discussions are still ongoing, however, the contracts have not yet been signed. After his Covenantsbruch in the third quarter, the company has with the five participating banks now agree on the key points of a current funding also achieved by 2013. The financing volume amounts to approximately 300 million EUR here.
Overdiek expects to complete the refinancing in Poland than in Germany can quickly: "I do not anticipate that we will then see a similar tussle.