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RLPC-Deceuninck gets new loan as part of restructuring

October 23/2009
LONDON  (Reuters) - Belgian PVC window and door frame maker Deceuninck (DECB.BR) secured a 157 million euro ($234.4 million) senior secured syndicated loan as part of its debt restructuring, the lead banks announced on Thursday.

The loan is a key element of the company"s restructuring, which was agreed with its creditors on Sept. 11.

Proceeds will be used for general corporate purposes including refinancing existing debt.

Deceuninck -- the third biggest maker of plastic profiles in Europe after Germany"s Profine and Veka -- reported a 21.5 percent fall in third quarter sales in October as weakness in the construction industry weighed. [ID:nLF311375] Earlier that month, the company secured a 85 million euros rights issue to reduce gearing from above 100 percent.

Deceuninck"s new loan includes a 68.5 million euro, four-year revolver paying a margin of 350 basis points over EURIBOR. The margin increases by 50 bps after three years.

There is also a 68.5 million euro, four-year term loan paying a payment-in-kind interest of 500 bps over EURIBOR, which goes up 50 bps after the third year. The deal also includes a 20 million euro bridge facility.

It was arranged by BNP Paribas Fortis, Dexia Bank, ING, KBC and Royal Bank of Scotland as bookrunners and mandated lead arrangers.

Laga acted as legal advisor to the lenders.

BNP Paribas Fortis also acted as coordinator, facility agent and security agent.


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