15 January 2015

Group debt restructuring

J&P-AVAX SA announces the restructuring of Group debt, converting the largest part of its loans into long-term bond form.

Following the restructuring, Group net debt, with a 30.09.2014 reference date, comprises bond loans amounting to €446 million and short-term loans totaling €91 million.

More specifically, the Group:

  • refinanced an outstanding syndicated bond loan with a current principal of €238 million,
  • issued a new syndicated bond loan worth €187 million,
  • and has outstanding bond loans issued in the past by J&P-AVAX and its subsidiaries totaling €21 million.

The new bond loan worth €187 million refinances short-term loans amounting to €152 million and medium-term loans amounting to €35 million issued by J&P-AVAX and its subsidiaries.

Coordinator-Lead Arranger of the new syndicated bond loan is Piraeus Bank, with Alpha Bank acting as Co-Arranger.

The restructuring of Group debt spreads financial liabilities to a longer term horizon, the new loans maturing in 2018 / 2019 with an option for pushing the maturities back to 2020 / 2021, thereby freeing up considerable liquidity for financing working capital of new construction projects.

Scheduled interest and principal payments of the new bond loans are entirely covered by the expected stream of dividends from the Group’s concession portfolio.

The restructuring of Group debt signifies the trust and support shown by the banking system to J&P-AVAX and secures the smooth development of company operations.

Marousi, January 15, 2015