Overall Financing Successfully Renegotiated: Overwhelming Support from Lenders and Shareholder for the Future of the Bartec Group
The course has been set for the future positive development of the Bartec Group. The world market leader in explosion protection is pleased to confirm that a commercial agreement has been reached with its shareholder, Charterhouse Capital Partners LLP and an overwhelming majority of its lenders have agreed to amend Bartec’s overall financing which is and to be extended to 2022.
As part of the agreement, Charterhouse has committed to inject additional funding in an aggregate amount of up to EUR 70 million, lenders will provide further EUR 20 million, which is a sign of confidence in the company’s long-term prospects. This will enable Bartec to accelerate the implementation of its newly developed 5-year plan and give it a stable platform for the future. The commercial agreement will be implemented within the next few weeks by way of amending Bartec’s existing loan documents.
Dr Thomas Lützenrath, Chief Executive Officer of Bartec Group, commented: “We are delighted that discussions with our lenders have been finalised so successfully. The commercial agreement we have reached will provide the firm financial footing, which Bartec needs to implement its 5-year plan. It also represents a significant milestone in our ongoing journey to improve and transform our business.”
Source: Bartec Group