Schaffner Group concludes long-term credit agreements
The Schaffner Group has concluded long-term credit agreements, worth a total of CHF 60 million, with the Group's four principal banks. The agreements have a term of five years and run until 30 June 2019. The interest rate conditions remain the same.
The new credit will replace, prior to maturity, the current agreements - worth a total of CHF 50 million, with a three-year term expiring in May 2015 - and the bridge financing of around CHF 9 million that was used to acquire Trenco, a US manufacturer of specialty transformers, on 31 March 2014.
The new credit line will increase the financial strength of the Schaffner Group, help to successfully implement the growth strategy, and utilize internal and external growth to achieve the targeted objectives of net sales between CHF 260 million and CHF 290 million and of an EBIT margin spread of 9% to 12% by fiscal 2015/16.
Luterbach, 1 July 2014
Media Release (PDF)
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19th Annual General Meeting