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Mexican chemical and petrochemical firm Mexichem (BMV: MEXCHEM) acquisition target Dutch plastic pipe manufacturer Wavin has obtained commitment from its banks to extend and amend its existing financing facility by 440mn euros (US$575mn), the latter said in a statement.
The financing consists of a 220mn-euro bullet term facility and a 220mn-euro revolving credit facility.
"Covenant levels have been relaxed, whilst conditions and margins remain similar to the existing facility. Maturity has been extended two years to April 2015," Wavin said.
"The new financing facility provides Wavin with sufficient headroom and flexibility to respond to uncertain market conditions and offers a solid base to execute the 'Wavin 2015' strategic program," added the company.
The announcement comes after Wavin earlier this month rejected Mexichem's improved offer of 9 euros/share for all outstanding shares, valuing the firm at 457mn euros.
At the time, Wavin said the new offer, which was increased from the initial 8.50 euros/share offer, still "materially undervalues the company and its prospects."
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