Ströer optimizes Group financing

Ströer Out-of-Home Media AG, one of Europe’s leading providers of out-of-home advertising media based in Cologne, secured better terms for the Group financing concluded with its lenders in July 2010. The amendment provides for a reduction in the margin by up to 100 basis points as well as more favorable loan covenants and will have a positive effect on the cash flow in 2012. The contractual amendment can be largely attributed to the reduction in the Company’s net debt. Since going public, Ströer has managed to decrease its net debt by 35.5% (EUR 175.3m) to EUR 319.3m as of 30 June 2011.

“During the optimization process for the Group financing, the banks acknowledged the improved capital structure and the performance of Ströer since going public. The new arrangement will create more financial headroom and allows us to drive forward our growth projects consequently at better conditions,” said Alfried Bührdel, CFO of the Ströer Group.

The total volume of the syndicated Group financing remains unchanged at EUR 395m and comprises a loan plus revolving credit lines and has a term until June 2014. Ströer was also able to secure further international commercial banks such as SEB AG and HypoVereinsbank as partners for the banking syndicate.