MOEdig Voorwaarts schreef op 18 oktober 2023 05:08:
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Zie p. 156 van het jaarverslag over 2022:
A three-year Debt Facilities Agreement of €90.0 million was signed with a consortium of lenders
on 31 March 2022 . This financing consists of three facilities. Facility A, €30.0 million, which is
borrowed by Avantium N.V. and passed through to Avantium Renewable Polymers B.V. as an
intercompany loan. Facility B1 and Facility B2, amounting to €45.0 million and €15.0 million,
respectively, are borrowed directly by Avantium Renewable Polymers BV. The interest on the
Debt Facilities Agreement consists of three components: cash interest, accrued interest and
warrants (refer to note 40). Cash and accrued interest is EURIBOR based.
The repayment of the
loan amount is due on 31 March 2025. The cash interest is paid on a quarterly basis and PIK
interest is capitalised on the principal balance of the Facility on a quarterly basis starting as of
21 February 2023 for Facility A.
The Debt Facilities Agreement contains customary technical and commercial conditions
precedent and a customary security package including amongst others security on: all material
assets, IP rights, receivables of Avantium, Avantium Renewable Polymers B.V., the holding entity
of the FDCA Flagship Plant, and of several other group companies, the shares in Avantium
Renewable Polymers B.V. and these other group entities, the loan(s) of Avantium and Avantium
Renewable Polymers B.V. to Avantium RNP Flagship B.V. and the FDCA Flagship Plant itself and
the FDCA Pilot Plant.
For the carrying amounts of the fixed, intangible assets , trade receivables pledged as security
for current and non-current borrowings refer to the consolidated financial statements.
On 21 November 2022 the first drawdown of the loan was executed for €15.0 million. On this
date, the Debt Facilities Agreement was amended and restated reflecting the current status of
the business.
The annual effective interest rate on the first drawdown is 12%.
As at 31 December 2022 the fair value of the loan equals the carrying amount.
During 2022 Avantium complied with the financial and other required covenants confirmed on a
monthly basis to the lenders. This confirmation will continue to take place on a monthly basis in
2023.