Kapsch TrafficCom AG agrees on comprehensive restructuring with its major financial creditors
- Extension of existing financing and new financing until May 25, 2025
- Dividend policy remains suspended - no dividend payments
Vienna, May 31, 2023 – Kapsch TrafficCom AG (ISIN: AT000KAPSCH9; the "Company") announces that it has reached an agreement with its major financial creditors (including the creditors of the promissory notes maturing on June 16, 2023) on a comprehensive restructuring of the financing with a maturity date of May 25, 2025. The objective is a substantial reduction of net debt by at least EUR 60 million and in the longer term to a level of net debt to EBITDA of 3.0x.
New financing are subject to increased terms customary in the market; in addition, the financial creditors are entitled to a repayment surcharge in certain cases (also for existing financing). In order to achieve the targeted reduction in current net debt, the Company is committed to early repayments from surplus cash (cash sweep), from extraordinary inflows and from pending litigations, as well as to waiving dividend payments. The Company's dividend policy therefore remains suspended.
The main shareholder KAPSCH-Group Beteiligungs GmbH supports the restructuring - in addition to loans already granted at the end of 2022 totaling EUR 5 million - by pledging all of its shares held in the Company, which currently correspond to around 63.3 % of the Company's share capital.
The Company further obligates itself to utilize the entire existing authorized capital in the amount of 10 % of the Company's share capital (corresponding to 1.3 million new shares of the Company) in order to create sufficient liquidity, whereby the majority shareholder KAPSCH-Group Beteiligungs GmbH is entitled to contribute financial support already provided.
Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility with successful projects in more than 50 countries. Innovative solutions in the application fields of tolling, tolling services, traffic management and demand management contribute to a healthy world without congestion.
With one-stop-shop-solutions, the company covers the entire value chain of customers, from components to design and implementation to the operation of systems.
Kapsch TrafficCom, headquartered in Vienna, has subsidiaries and branches in more than 25 countries and is listed in the Prime Market segment of the Vienna Stock Exchange (ticker symbol: KTCG). In its 2021/22 financial year, 4,220 employees generated revenues of about EUR 520 million.