Munich, Germany, 21 April 2011 – In April, TOMORROW FOCUS AG successfully restructured its borrowings by means of a EUR 36.5 million financing package that included the issue of a 5-year promissory note for EUR 26.5 million. The fixed component of the loan will be subject to interest at 4.85 percent p.a. The placing of the promissory note loan was coordinated by Landesbank Baden-Württemberg as the sole bookrunner.
As part of the early refinancing package, higher-interest loans were replaced before maturity by longer-term financing on attractive conditions. As a result, the company’s total liabilities to banks now stand at around EUR 43 million.
Net debt currently amounts to around EUR 9 million. The loans are unsecured, not subordinated and not subject to financial covenants.
Overall, with operating activities continuing to deliver good results, the TOMORROW FOCUS Group can draw on a reservoir of around EUR 40 to EUR 50 million to fund continued corporate growth.