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Wendel SA Proposes FY 2012 Dividend; Updates on Credit Agreements


Thursday, 28 Mar 2013 03:01am EDT 

Wendel SA announced that it will propose to shareholders at their Annual Meeting on May 28, 2013, an ordinary cash dividend of EUR1.75 per share for fiscal year 2012, 35% more than the dividend paid on fiscal year 2011 earnings. In addition the Company gave details of its debt financing arrangements. The EUR1,100 million line of credit available with margin calls and maturing in 2013-14 was replaced during summer 2012 by a new, EUR700 million undrawn line maturing in July 2017, financing Saint-Gobain shares. Undrawn lines of credit with margin calls now total EUR1,150 million. Of this amount, EUR225 million mature in 2016 and EUR925 million in 2017. Furthermore, an agreement has been reached with four banks to grant a EUR400 million line maturing in 2018. The total amount of the line could increase in the future with the addition of other banking partners. Pending approval of final documentation, this new financing line will replace the current EUR1.2 billion syndicated credit maturing in 2013-14.