euro adhoc: ESCADA AG
Financing, Stock Offerings
ESCADA and banks
sign long-term financing agreement (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Aschheim bei München, August 19, 2003 - ESCADA AG and its underwriting banks have reached an agreement that will ensure long-term funding for the ESCADA Group. The agreement, signed on August 18, continues ESCADAs existing credit lines to the end of 2006. Additionally, next summer the banks are willing to make a further commitment that will guarantee redemption of ESCADA AGs EUR 100 million corporate bond issue, which matures then. The redemption, using funds from the planned financial commitment by private equity firm HMD Partners, the additional bank credit line and cash flow, is thus assured. The agreement with the banks on restructuring financial debt was a key prerequisite under this past Junes agreement for HMD Partners to invest up to EUR 45 million in ESCADA. The technical conditions required for HMDs involvement are to be approved today at a special meeting of the shareholders of ESCADA AG.
end of announcement euro adhoc 19.08.2003
Further inquiry note:
Viona Brandt
Tel.: +49 (0)89 9944 1336
E-Mail: viona.brandt@de.escada.com
Branche: Clothing
ISIN: DE0005692107
WKN: 569210
Index: CDAX, Classic All Share, Prime All Share, Prime Standard, SDAX
Börsen: Berliner Wertpapierbörse / official dealing
Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing
Bremer Wertpapierbörse (BWB) / regulated dealing
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade