CORRECTED - UPDATE 2-Ordina issues stock, takes loan to bolster finances
(Corrects in fifth paragraph to say BPO unit was sold, not in process of being sold)
* Issues 20.7 mln euros of shares, gets 27.5 mln loan
* Delta Lloyd, Cyrte/Janivo to buy the bulk of shares
* ING, Delta Lloyd to make loan to company
(Adds MeesPierson reselling shares)
AMSTERDAM, June 30 (Reuters) - Dutch IT services company Ordina (ORDN.AS), struggling in a tough market, will issue 20.7 million euros ($29 million) worth of shares and use a 27.5 million euros subordinated loan to shore up its finances.
"It is essential, particularly in the current economic climate, to be able to focus all our attention and energy on the market, our customers and operational matters within Ordina," chief executive Ronald Kasteel said in a statement on Tuesday.
Ordina said the new shares, sold at a discount of 2.65 euros per share, would increase its outstanding share capital by 19 percent. The stock closed at 2.88 euros on Monday, giving it a market cap of 98.2 million euros.
Ordina shocked investors in March when it warned it would likely miss an internal target of keeping its net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio below 2.0 in 2009.
It has already cut jobs and sold its loss-making business process outsourcing (BPO) activities to Centric Software Engineering.
Of the 7.8 million share issuance, Delta Lloyd, the Dutch unit of UK insurer Aviva (AV.L), and a joint venture between Cyrte Investments and Janivo Holding, will buy 5.7 million shares.
After the deal, Delta Lloyd will own about 5 percent and Cyrte/Janivo 6.5 percent of Ordina.
MeesPierson CFCM [FORTH.UL] has bought the remaining 2.1 million shares, Ordina said. MeesPierson said in a statement that it sold those shares to institutional investors.
Ordina also said it was taking on a six-year subordinated 27.5 million euros loan from ING (ING.AS)(ING.N) and Delta Lloyd.
Ordina is required to keep its net debt to operating profit (recurring EBITDA) ratio below 2.75 by loan covenants, which will expire in 2011. At the end of 2008, this ratio was 1.6.
Ordina also said that it was in talks to refinance its senior financing facilities and that they were at "an advanced stage".
By 1107 GMT, Ordina shares were up 1.25 percent at 2.91 euros in Amsterdam. (Editing by Dan Lalor and Karen Foster) ($1 = 0.7143 euro)
