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Wavin renegotiates debt and plans rights issue to raise capital

Plastic pipe supplier Wavin has reached an agreement with the coordinating banks of its lending facility (Fortis Bank Nederland, ING, Rabobank and RBS) on the outline of a comprehensive recapitalisation package.


The financing package would include an amendment and restatement of the existing debt facility and a forward start agreement of €475 million to extend the maturity of the company's debt facility to April 2013.


The company will also attempt to raise €225 million, mainly through a rights issue.


The capital raising is conditional upon support from the syndicate banks for the amendment and restatement of the existing debt facility.


The news comes after a tough trading year for the plastics giant.


See - Wavin says market 'even worse' than predicted