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CEVA Group Plc Announces Successful Completion of Recap of its Balance Sheet and New Capital Raise
Transaction Strengthens Balance Sheet by Eliminating Approximately ‘1.3 Billion of Consolidated Net Debt; Approx. 50%
Reduces Annual Cash Interest Costs by over ‘130 Million; Approx. 50%
Provides Over ‘230 Million of New Capital Infusion for Investment in the Company’s Business Plan
London, UK ’ 2 May 2013 ’ CEVA Group Plc (‘CEVA’ or the ‘Company’), one of the world’s leading non-asset based supply chain management companies, announced today that it has successfully completed its previously announced recapitalization.
Through the recapitalization, the Company has reduced its consolidated net debt by approximately ‘1.3 billion, reduced its cash interest expense by over ‘130 million and the Company has received cumulative new capital commitments of over ‘230 million for investment in its business plan.
The recapitalization will enable CEVA to better serve its customers, accelerate its growth throughout the world and fund the development of new supply chain products and services.
‘We are pleased to have successfully completed the Recapitalization and are appreciative of the support of our creditors in this effort. CEVA is now a much stronger competitor in the Supply Chain Industry and we look forward to growing with our customers around the world,’ said Marvin O. Schlanger, CEVA’s Chief Executive Officer adding that ‘this is a transformational transaction that positions CEVA to better serve our customers and develop new supply chain solutions and services to meet their needs.’ (Reuters)
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