Getronics announces today it has redeemed its EUR 250 million nominal value 13% subordinated instalment bonds due 2008 (the "2008 Instalment Bond") in full.
On 5 February this year the Company successfully placed 100 million new ordinary shares for cash with institutional investors. The net proceeds of this placing, being approximately EUR 234.5 million, and existing cash resources were used to finance the redemption of the 2008 Instalment Bonds. Including interest the total amount payable to the holders of the 2008 Instalment Bonds on redemption was EUR 274 million.
The 2008 Instalment Bonds were established in June 2003 as in important step in the reduction of the Company’s debt position. Now that these Bonds, with its 13% interest, have been redeemed Getronics can further focus on its operational strategy going forward.
About Getronics
With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR 2.6 billion in 2003, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics today combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics is ranked second worldwide in network and desktop outsourcing and fourth worldwide in network consulting and integration (Source: IDC 2002-2003). Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organisations, helping them maximise the value of their information technology investments. Getronics headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics’ shares are traded on Euronext Amsterdam ("GTN"). For further information about Getronics, visit www.getronics.com