CEVA Announces Successful Refinancing of Over €1 billion of Debt to 2018
25 March 2010 - 15:19 CET
London, UK - 25 March 2010 - CEVA Group Plc (CEVA), a leading global supply chain management provider, is pleased to announce that it has successfully refinanced over €1 billion of debt previously maturing between 2014-2016, with new debt maturing in 2018, following the conclusion yesterday of certain previously announced debt transactions. This successful transformation of CEVA's debt maturity profile has been achieved at minimal cost as a result of the continued support for CEVA in the capital markets, as well as strong backing from Apollo (as defined below)."As a business, we are delighted to be able to announce the successful conclusion of these transactions," commented John Pattullo, CEO, CEVA. "As part of our ongoing strategy to take reasonable opportunities to extend our maturities as they arise and reduce our debt, this is an excellent example of how we are achieving this to increase our flexibility and ensure CEVA meets its growth aspirations and is able to support our customers' supply chain needs."
NOTE TO EDITORS
In the first set of debt transactions, in connection with its previously announced tender offer, CEVA received tenders and consents from holders of 100% of its outstanding 10% Second-Priority Senior Secured Notes due 2014 and approximately 93% of its outstanding 12% Second-Priority Senior Secured Notes due 2014 (in each case, excluding notes held by Apollo Management, VI, L.P. and its affiliates, (Apollo)). The tender offer was financed with the proceeds of the issuance of $625 million aggregate principal amount of CEVA's new 11½% Junior Priority Senior Secured Notes due 2018. At the same time, Apollo effected a separate, private exchange of CEVA's 10% Second-Priority Notes and 12% Second-Priority Notes held by Apollo for approximately $77 million aggregate principal amount of CEVA's new Junior Priority Senior Secured Notes due 2018.
In the second set of debt transactions, Apollo also privately exchanged approximately €73 million of CEVA's 8½% Senior Notes due 2014, approximately €57 million of CEVA's 10% Senior Subordinated Notes due 2016 and approximately $629 million of CEVA's senior unsecured loans due 2015 held by Apollo for like principal amounts of similar securities issued by CEVA with the same key terms and provisions but with an extended maturity of 2018.
For more information please contact:
CEVA Group Marketing & Communications
Rebecca Salt
+44 7795 314010
Rebecca.Salt@cevalogistics.com
CEVA - Making business flow
CEVA Logistics provides world class supply chain solutions for large and medium-size national and multinational companies across the globe. As an industry leader, CEVA offers customers complete supply chain design and implementation in contract logistics and freight management, alone or in combination. CEVA's integrated global network has facilities in over 170 countries and more than 46,000 employees; all dedicated to delivering consistently excellent operations and supply chain solutions. For the year ending 31 December 2009, the Group reported revenues of €5.5 billion. For more information, please visit, please visit www.cevalogistics.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The statements included in this news release, and other statements that are not historical facts, may contain forward-looking statements. In addition to the assumptions specifically mentioned in the above paragraphs, there are a number of other factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the process of combining EGL and CEVA, the actual effects of recent and future regulatory changes and technological developments, globalization, levels of spending in major economies, the economic downturn in Asia, Europe and the US, including the economic downturn in the automotive sector, levels of marketing and promotional expenditure, actions of competitors and joint venture partners, employee costs, future exchange and interest rates, changes in tax rates, unexpected costs of future business combinations or dispositions and other factors detailed in risk factors and elsewhere in CEVA most recent Annual Reports. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's annual and quarterly reports, available on the Company's website. Should one or more of these risks or uncertainties materialize or the consequences of such a development worsen, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
