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ALLGEIER SE / Key word(s): Financing
24-Oct-2017 / 14:47 CET/CEST
Munich, October 23, 2017 – Allgeier SE (ISIN DE000A2GS633, WKN A2GS63), Munich, has today agreed a new lending facility for the Allgeier Group with six banks (Bayerische Landesbank, Commerzbank Aktiengesellschaft, ING Bank, a branch of ING-DIBA AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale and Norddeutsche Landesbank – Girozentrale). GCA Altium and Latham & Watkins provided related support. The flexible revolving EUR 180 million credit line has an initial term of five years that can be extended twice for a one-year period.
The main purpose of the credit line is the Group’s long-term financing: along with repaying existing debt it primarily serves the financing of future Group acquisitions. For this purpose, elements are arranged in crucial parts of the lending agreement that are typical of LBO financing from private equity companies. In the event of future requirements, a top-up of the bank’s lending volume can be requested through an increase option.
Following the strengthening of its equity side with the successful capital increase in June 2017, Allgeier has thereby now also fully restructured its debt side. The new lending facility gives the Allgeier Group a significantly increased volume of financing funds on attractive terms, which can be drawn down precisely in line with demand in correlation with the Group’s future growth. The credit line is expected to be closed by the end of October.
Allgeier SE is one of the leading IT companies for digital transformation: with a growth strategy oriented to innovations and future trends, as well as an integrative business model, Allgeier exploits the opportunities that digitalization offers. Three operating segments with individual specialist and sector-related focus areas work together for around than 3,000 customers from almost all business sectors. With over 6,800 salaried employees and more than 1,300 freelance experts, Allgeier offers its customers an extensive one-stop-shop range of solutions and services. Based on a highly flexible delivery model, Allgeier covers the entire IT service spectrum from on-site through to nearshore and offshore: with a strong business pillar in India, the company secures flexibility and maximum scalability of services, as well as highly qualified high-end software development expertise. Allgeier customers include globally operating groups as well as innovative medium-size business operations that aim to secure strategic advantages through high-performance IT solutions, intelligent software and flexible personnel services. This Munich-based, fast-growing Group maintains more than 100 branches in the region of Germany, Austria and Switzerland, in nine further European countries, as well as in India, Singapore, Vietnam, Malaysia, Japan, Australia, Mexico and the USA. Allgeier generated EUR 498 million of revenue in its continuing operations in 2016. Allgeier SE ranks first in the 2017 Lünendonk(R) special analysis of “Leading German Medium-Sized IT Consultants and System Integrators”. According to the Lünendonk(R) 2017 market segment study “The Market for Recruiting, Mediating and Managing IT Freelancers in Germany”, Allgeier Experts ranks among Germany’s top three IT personnel service providers. Allgeier SE is listed on the Regulated Market of the Frankfurt Stock Exchange (WKN A2GS63, ISIN DE000A2GS633). For more information, visit: www.allgeier.com.