Arle completes Stork refinancing

The refinancing means Fokker Technologies and Stork Technical Services (STS) can operate as independent entities, having previously been subsidiaries of Stork BV, which Arle (then Candover) took private in 2008.

Last month, Arle had attempted to complete a refinancing that would have enabled it to merge STS and RBG, but had to pull a planned high-yield bond issue due to lack of demand. The new deal will now enable STS to fully integrate RBG Group.

The latest refinancing means Fokker and STS now have separate capital structures, which Arle said have been tailored to the specific growth objectives of the two businesses.

STS's financing package consists of €272.5m of senior secured loan notes and a €100m working capital facility.

Fokker's capital structure has a senior term loan of €150m and a €50m working capital facility.

Following the refinancing, Stork BV will be able to repay all its existing credit facilities. The process is expected to close on August 16.

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• Topics
• Benelux
• Financing
• Arle Capital Partners