AGREEMENT FOR THE LONG TERM REFINANCING OF THE GROUP’S LOANS
- AGREEMENT FOR THE LONG TERM REFINANCING OF THE GROUP'S LOANS
- INVESTMENT OF EURO 75 MILLION FROM FUNDS MANAGED BY FORTRESS INVESTMENT GROUP
- STARTING POINT FOR A NEW DYNAMIC ADVANCEMENT IN THE GREEK AND INTERNATIONAL MARKET
Attica Holdings S.A., a member of Marfin Investment Group, announces the conclusion of a comprehensive agreement with the entirety of the Group's lenders for the full and long-term refinancing of existing loans.
According to the refinancing agreement, funds managed by Fortress Investment Group will invest Euro 75 million in Attica Group.
The agreement demonstrates the trust of the international investment community and of major Greek and international banks in Attica Group's potential for further growth, autonomous development and long-term establishment of its leading position in passenger shipping industry. Propelled by the trust of its new strategic investor, Attica's Management is in a position to proceed unhindered with the planning and implementation of new business projects and new commercial initiatives which will bring Attica Group at the center stage of the Greek and international passenger shipping.
As per the agreement, Fortress will fully subscribe to the issuance by the 100% subsidiary company Blue Star Ferries Maritime SA, of five-year redeemable secured bond loans of up to Euro 75 million in total and more precisely of:
a) a common bond loan of Euro 25 million and
b) an up to Euro 50 million bond loan exchangeable in part or in whole with bonds of parent company Attica convertible in new shares of Attica through the issuance from the latter of a convertible bond loan up to Euro 50 million. The conversion right may be exercised as of December 2015. The conversion price is linked to the Group's EBITDA performance, and may vary from Euro 1.0450 (maximum) to Euro 0.5775 (minimum) per share.
Upon signing Mr. Spiros Paschalis, CEO of Attica Group, said:
“The long term refinancing of the Group's loans on conditions that enable us to look forward to the future with optimism, constitutes a great success and an undisputable token of support by the investment and banking community to our Group's potential. Attica is the only Greek passenger shipping company which has managed to attract one of the largest investment funds internationally, a fact that constitutes a vote of trust to the prospects of our Group. The support of our strategic partners will allow us to commence a new path in the Greek and international market, to develop new plans and to claim in an even more dynamic manner significant market share in new commercial lines, while reinforcing at the same time our already strong presence on the existing lines”.
ATTICA HOLDINGS S.A.:
Attica Holdings S.A. is the parent company of Superfast Ferries and Blue Star Ferries, through which it owns and manages a modern fleet of 13 Ro-Pax state of the art vessels with an average age of 12 years. The Group's vessels operate on Greek domestic lines, connecting the islands of Cyclades, Dodecanese, North Aegean and Crete with mainland Greece, as well as on international routes between Greece and Italy in the Adriatic Sea. Attica is publicly traded on the Athens Exchange (ATHEX: ATTICA).
FORTRESS INVESTMENT GROUP:
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $63.8 billion in assets under management as of June 30, 2014. Founded in 1998, Fortress manages assets on behalf of approximately 1,600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG).
The Board of Directors
6th August, 2014
For more information please contact:
Attica Group
Panos Dikaios
Group CFO
Tel.: +30 210 891 9500
Fax: +30 210 891 9509