AVEVA Group PLC Update Regarding Debt Financing (7100B)
12 October 2020 - 5:00PM
UK Regulatory
TIDMAVV
RNS Number : 7100B
AVEVA Group PLC
12 October 2020
AVEVA GROUP PLC
Update Regarding Debt Financing
AVEVA Group plc ('AVEVA'), a global leader in engineering and
industrial software, is pleased to provide an update on the debt
financing relating to its proposed acquisition of OSIsoft announced
on 25 August 2020.
Syndication of the GBP250 million revolving credit facility has
now successfully completed with HSBC and Santander joining J.P.
Morgan, Barclays and BNP Paribas (the 'Debt Underwriters') as
providers of this facility.
As regards the proposed $900 million term loan (the 'Term
Loan'), the independent board of AVEVA has reached agreement with
Schneider Electric and the Debt Underwriters that the Term Loan
will not now proceed to syndication, but will instead be provided
directly to AVEVA by Schneider Electric (the 'SE Term Loan') on
terms which are identical in all material respects to those
originally envisaged, save that:
i. the interest margin will be improved versus that previously
envisaged at all leverage levels; and,
ii. AVEVA will not now incur lenders' participation fees.
The SE Term Loan will still have a 3-year term and is
pre-payable at any time without penalty, in whole or in part, at
AVEVA's option.
The timetable for the proposed acquisition of OSIsoft remains on
track. Publication of the Circular and Prospectus to approve the
transaction and launch the proposed rights issue is expected in
early November 2020.
Enquiries:
AVEVA Group plc
Matthew Springett, Head of Investor Relations: +44 (0) 1223 556
676
FTI Consulting LLP
Edward Bridges / Dwight Burden: +44 (0) 203 727 1000
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