Frigoglass completes restructuring process
25 October 2017
West African glass producer Frigoglass has completed the restructuring process of the group.
The restructuring process has allowed the company to reduce its outstanding gross indebtedness by around €138m.
Frigoglass also secured €70m of additional liquidity to fulfill its business requirements, as well as restructuring-related expenses.
According to the company, the significant decrease of annual interest cost to approximately €13m through reduction of indebtedness and lower interest cost on the group’s remaining indebtedness.
With commitment of around 4.5 years, the maturities of almost all of the group’s indebtedness have been extended.
Frigoglass’s new first-lien indebtedness amounts to around €120m, while the second-lien debt amounts to about €141m.
The firstlien debt matures on 31 December 2021, while the second-lien debt matures on 31 March 2022.
Frigoglass CEO Nikos Mamoulis said: "We are delighted we completed this complex recapitalisation process that resulted in a significant debt reduction, lower cash debt service obligations, improved liquidity through new capital injection and debt maturity extensions.
“We are looking forward to the future with confidence as all these achievements enable us to fully focus on our operations and pursue our strategic priorities. I would like to thank, once more, all stakeholders involved in this process."
Frigoglass supplies ice cold merchandisers (ICM) to soft drinks and alcoholic beverage companies across five continents.
The firm also provides glass packaging solutions for the customers in the high growth markets of West Africa.