gategroup Seeks to Extend and Amend Credit Facilities

Published on Thursday, 09 February 2012 01:41 Written by TradersHuddle Staff

ZURICH, Feb. 9, 2012 /PRNewswire/ -- gategroup announced today that it is seeking the consent of lenders to extend the maturity of its CHF 850 million senior secured credit facilities expiring in May 2013 along with other amendments to its documentation. The amendments would reinforce the Group's capital structure and long-term positioning and increase its operational flexibility.

Consistent with management's prudent long-term strategy, gategroup is asking lenders to extend their commitments by three years -- term loan commitments to May 2016 and revolving credit facility commitments to May 2015. The credit facilities were put in place on May 31, 2007.

The extension and amendments require majority lender consents and each extending lender will need to confirm its consent to the relevant maturity extensions. The Company will announce the outcome of the extension and amendment request in due course.

About gategroup:

gategroup is the leading independent global provider of onboard services to companies that serve people on the move. gategroup comprises the following brands: deSter, eGate Solutions, Gate Aviation, Gate Gourmet, Gate Safe, Harmony, Performa, potmstudios, Pourshins and Supplair.

Shares of Zurich-based gategroup are traded on the SIX Swiss Exchange under the symbol GATE. Please visit our website at www.gategroup.com.

SOURCE gategroup