Balda AG / Key word(s): Miscellaneous
Group sells European receivables to Landesbank Baden-Württemberg
Bad Oeynhausen – The Balda Group has securitised its European receivables
in the context of an ABS transaction constructed by Landesbank
Baden-Württemberg (LBBW). The agreement relating to the sale of existing
receivables replaces the syndicated loan agreement from 2003. Additionally
Balda AG has further credit lines at its disposal.
The volume of the initial sale under the deal, which is set to last seven
years, comprises around EUR 40 million. The maximum possible scope of the
deal amounts to EUR 60 million. It includes the receivables of Balda’s
German subsidiaries and of Balda Solutions Hungaria. The agreement
represents the first ABS arrangement in which a Hungarian company has
financed its trade accounts receivable via the capital market.
LBBW will refinance the purchase of the receivables by means of the issue
of short-term bonds (commercial papers). As a result of the contractual
arrangement of the deal, Balda has achieved the complete removal of the
sold receivables from the balance sheet. This effect is also valid under
the more rigorous provisions of the ‘International Financial Reporting
Standards’ (IFRS). With this agreement, Balda has secured and expanded its
finance structure in the long term, particularly in the European region.
Bergkirchener Straße 228
D-32549 Bad Oeynhausen
Telephone: +49 (0)5734 922-2706
Fax: +49 (0)5734 922-2691
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Company: Balda AG
Bergkirchener Str. 228
32549 Bad Oeynhausen
Phone: +49 (0) 57 34 / 9 22-0
Fax: +49 (0) 57 34 / 9 22-2604
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
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