European Directories announces utilisation of Permitted Basket
Following the MAR announcement today of the acquisition of certain bonds issued by European Directories BondCo S.C.A, European Directories Group announces that it has utilised the Permitted Basket under the bond terms to raise bank funding of MEUR12.5 for general corporate purposes.
As previously announced, the conclusion of the Finderia tax case resulted in unexpected tax and interest payments during 2017 of approx. MEUR10. By utilising the Permitted Basket in this way, European Directories Group is safeguarding the Group's cash position and seeking to ensure that its original plans for 2017 are unaffected by the tax payments.
The borrowing facility has been arranged by group holding company European Directories (DH7) B.V. and is repayable within 12 months.
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