FRANCE - TCR refinances Thermocoax

IKB, the bank which underwrote the original financing package in December 2005, provided the new debt. The recap, which allows the mezzanine to be refinanced and over a third of convertible bonds to be reimbursed, will reduce the company's financing cost by over EUR 500,000 per year.

Planquivon-headquartered Thermocoax generated revenues of EUR 21m in 2005.

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