The proceeds from the offering will be used to acquire assets currently held off balance sheet under operating leases and purchase options, to repay certain indebtedness and fund related transaction fees and expenses. The Notes offering was managed by a bookrunner group led by ING and comprising BNP Paribas Fortis, KBC, Bank Degroof and The Royal Bank of Scotland. Allen & Overy acted as legal advisor to the Sarens Group and Clifford Chance acted as legal advisor to the bookrunner group.
Ludo Sarens, Chairman of the Board of Directors commented: "I am very pleased that we have earned the trust and support of a broad set of international and Benelux credit investors with this bond issue. This bond issue, combined with our recent bank facility refinancings that completed in November of last year and the award of a "BB" corporate credit rating from S&P, will help to ensure that Sarens is well positioned to continue serving its continuously growing global customer base."
Wim Sarens, Chief Executive Officer remarked: "We are pleased that we have now further diversified our balance sheet to incorporate an attractively priced long-term public debt instrument that will be fully supportive of our future growth plans."
Magnus Bjorkman, Chief Financial Officer indicated: "Accessing the Benelux and international bond markets is a logical step as Sarens continues to grow and expand its international presence. The ability to raise €125m at 5.125% provided Sarens with an optimal transaction size and interest rate that is fully complementary of our existing debt financings and will provide significant operational and financial flexibility going forward."
The Sarens Group, with its Belgium-based head office (Wolvertem), has been providing heavy lift, engineered transport and specialized rigging services for more than 60 years. With state of the art design tools and one of the world's largest inventories of cranes, transporters, and specialty rigging equipment, along with a team of highly skilled professionals, the Sarens Group is an international market leader in its field. Employing more than 4,200 dedicated employees who embody the spirit of the company's motto, "Nothing too heavy, Nothing too high", the Sarens Group is well prepared to support its customers' heavy lift, engineered transport and specialized transport requirements around the globe and across every market sector. (www.sarens.com)
For more information, please contact:
Corporate Communication Manager
+32 (0)52 319 381