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Refinancing of Altron's Term Debt and Notice to Shareholders in Accordance with Section 45(5) of the Companies Act
Allied Electronics Corporation Limited
Registration number 1947/024583/06)
Incorporated in the Republic of South Africa)
Share Code: ATN ISIN: ZAE000029658
Share Code: ATNP ISIN: ZAE000029666
(“Altron” or “the company”)
REFINANCING OF THE ALTRON GROUP’S TERM DEBT AND NOTICE TO
SHAREHOLDERS IN ACCORDANCE WITH SECTION 45(5) OF THE COMPANIES ACT,
71 OF 2008
On 10 March 2014, Altron Finance Proprietary Limited (Alfin), a wholly owned subsidiary of
Altron, successfully concluded the refinancing of all of the Altron group’s (the group) term
indebtedness by raising R3.6 billion of senior unsecured term facilities (the facilities),
sourced from a consortium of South African lenders, comprising both banks and institutions
(the lenders). This exercise has, among others, refinanced the R1.6 billion of debt used to
support the acquisition of the Altech minorities during August 2013, as well as the group’s
other term facilities.
In terms of the facilities, R3.1 billion comprises loans with a maturity of between three and
five years, which have been priced at JIBAR plus 210 basis points. The remaining R500
million comprises revolving credit facilities. The maturity structures are aligned with the
board’s strategy of deleveraging the group over the short to medium term.
As part of the facilities, the company will subordinate, in favour of the lenders, certain of its
claims against Alfin in accordance with a subordination agreement to be entered into
between, among others, Altron, Alfin and the lenders (the financial assistance).
Shareholders are hereby notified that in accordance with section 45(5) of the Companies
Act, a resolution of the board of directors of the company, contemplated by sections 45(2)
and 45(3) of the Companies Act was adopted on 4 March 2014, in terms of which the
company is authorised to provide the financial assistance contemplated above.
Johannesburg
17 March 2014
Sponsor
Investec Bank Limited
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