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direct/ Imtech N.V. (NL) - Imtech: further growth possible through re-financing

07-18-2007 05:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Imtech (NL)

300 million euro committed credit facilities for re-financing existing credit facilities and financing Imtech´s future growth

- Preparation for group bank guarantee facility of around 550 million euro

- Continuation of existing uncommitted bilateral credit facilities of around 200 million euro

Gouda - Imtech N.V. (technical services provider in Europe) announces that it has signed a new credit facility of 300 million euro. Imtech will use this new committed facility to cancel or repay existing (stand-by) bank facilities and to provide new financial means with which Imtech can give further substance to its ambitious growth strategy through both organic growth and acquisitions. At the same time the new credit facility anticipates the financing of (future) working capital arising from the rapid increase in scale of Imtech´s activities. Imtech also announces that it intends setting up a group bank guarantee facility for the benefit of its divisions and operating companies.

The committed, multi-currency 300 million euro credit facility comprises a term credit facility of 100 million euro and a revolving credit facility of 200 million euro. Both facilities can be drawn on in foreign currencies including the British pound and the US dollar and both loans have an initial term of 5 years with two extension options of one year each. The facilities are unsecured and the interest margin is linked to the level of Imtech´s Senior Net Debt/EBITDA ratio. A substantial portion of the interest risk related to the 100 million euro term credit facility will be hedged by a number of interest rate swaps.

The revolving credit facility will be used primarily to finance Imtech´s further growth through future acquisitions and to cover the so-called ´swing´ in working capital: Imtech´s financing need deriving from working capital requirements during the year.

The facility has been provided by a syndicate of six banks - ABN AMRO, ING, Rabobank, KBC, Commerzbank and LBLux. The composition of the syndicate reflects the core countries in which Imtech is active.

In addition to the 300 million euro credit facility already mentioned, Imtech will maintain its uncommitted, bilateral credit facilities of around 200 million euro.

The group bank guarantee facility that will be set-up will, like the aforementioned 300 million euro credit facility, benefit from Imtech´s favourable credit risk profile and will result in a substantial reduction of bank guarantee costs. This facility is expected to be put in place in the second half of 2007.

Boudewijn Gerner, member of the Board of Management and CFO of Imtech: ´This re-financing operation and the group bank guarantee facility means that Imtech will be in a better position for growth, both organically and through acquisitions. It secures a healthy financial foundation for the company´s future. Imtech has achieved robust growth in recent years. In 2006 revenue rose by more than 19 percent of which over 7 percent was organic, and EBITA rose by more than 31 percent of which over 13 percent was organic. Through this refinancing we can focus entirely on furthering our ambitious growth strategy.´

Further information
Imtech N.V.
Mark Salomons
Company Secretary
Telephone: +31 182 54 35 14
E-mail: mark.salomons@imtech.eu
www.imtech.eu

Imtech Profile
Imtech N.V. is a European technical services provider in the fields of electrical engineering, ICT (information and communication technology) and mechanical engineering. With approximately 17,000 employees, Imtech realises annual revenue of 3 billion euro. Imtech holds strong positions in the buildings, industry, infrastructure and telecom markets in Belgium, Germany, Luxembourg, the Netherlands, Eastern Europe, Spain and the UK and in the global maritime market. Imtech provides services to a total of 12,000 clients. Imtech offers added value in the form of integrated and multidisciplinary total solutions that lead to improved operating processes and higher yields for clients and their clients in return. Imtech also provides solutions that contribute to a sustainable, liveable society, for example in the field of energy, mobility, safety and the environment. Imtech shares are listed on the Euronext Stock Exchange (Amsterdam), where Imtech is included in the Amsterdam SmallCap Index (AScX) and the Next 150 index.

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