Banks agree to increase facility for Zed
The banks supporting Zed Worldwide’s syndicated loan, signed in 2008, have agreed to increase the facility to Eu122.5m from Eu92.5m. Spanish agency the Instituto Crédito Oficial (ICO) has joined the original bank group, which consists of BBVA, Banco de Sabadell, Caja Madrid, ING and Santander.
Margins on the loan will also increase, from 175bp over Euribor to 400bp.
The new facility comprises a term loan for Eu117.5m and a revolving credit for Eu5m. The term loans have a maturity date of December 27, 2014, while the RCF will mature a year earlier.
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