Debt Payment Underlines Success
Meyer Burger Technology Ltd has announced that it will execute an early repayment on part of its syndicated credit. Meyer Burger Group had arranged a syndicated line of credit in the amount of CHF 130 million to finance acquisitions and working capital in September 2009. About CHF 50 million of this credit facility to finance acquisitions has been drawn in the meantime. Considering the strong balance sheet structure and the amount of cash and cash equivalents of approx. CHF 190 million at end of May 2010, the Board of Directors and the Executive Board of Meyer Burger Group decided to repay CHF 29.2 million of the drawn credit at 30 June 2010. From July 2010 onwards, interest expenses in the income statement of Meyer Burger Group will be reduced by an amount of approx. CHF 300,000 for the current year due to this repayment. The remaining credit of USD 20 million (approx. CHF 23 million) as well as the remaining syndicated credit line to finance working capital of CHF 80 million continue to exist.
"Meyer Burger Group has a healthy balance sheet and a very comfortable amount of cash and cash equivalents at its disposal. This enables us to repay the credit drawn in September of last year to a large extent and earlier than planned. Our Group is in a financially strong position, generates attractive cash flows and commands a unique market and technology position in our industry", says Peter Pauli, CEO of Meyer Burger Group.
