© dimitry romanchuck dreamstime.com Electronics Production | December 30, 2014
Cicor improves financial flexibility
Cicor, headquartered in Boudry (Switzerland), signed a new credit agreement in the amount of CHF 65 million.
The arranged credit facility with a consortium of banks – led by Commerzbank Aktiengesellschaft – has a duration of three years, with two extension options of one additional year each, therefore running for a maximum term of five years. The new financing agreement supersedes the existing credit facility of CHF 45 million which was signed in February 2012 and which will expire in the beginning of 2015. In addition to the longer term as well as the higher volume, the company was also able to arrange structurally better terms for the new credit facility. Acting CEO and CFO Patric Schoch is very satisfied with this new arrangement, "we see the higher financing volume and the conditions achieved as a recognition and as a confirmation that the market perception of the Cicor group has improved significantly thanks to the company's good performance since 2012".