Royal Imtech announces planned debt buybacks totaling €146 million

By Marisa Wong

Madison, Wis., Oct. 30 – Royal Imtech NV announced a debt buyback program funded with proceeds from a recently completed rights issue.

On Oct. 6 the company received a substantial number of offers to purchase debt, according to a press release.

The company said that €117 million is available for the buyback program.

The company will accept offers of up to an aggregate par value of about €146 million at an average weighted price of about 79%.

The resulting capital gain of €30 million will be recorded in the fourth quarter, the release noted.

In addition to the rights issue and the debt buyback program, the company sold its ICT division to Vinci Energies and amended its credit agreements in an overall effort to reduce its debt.

Royal Imtech is a Gouda, Netherlands-based technical services provider in the fields of electrical solutions, information and communication technology and mechanical solutions.

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