Telvent details €57.5 million credit facility for DTN purchase

By Sara Rosenberg

New York, Sept. 16 - Telvent came out with details on the €57.5 million unsecured credit facility that will be used to help fund its acquisition of DTN Holding Co., Inc., according to a 6-K filed with the Securities and Exchange Commission on Tuesday.

Caja de Ahorros y Monte de Piedad de Madrid and ING Belgium are the lenders under the facility that was entered into on Sept. 12.

The deal consists of a €10.45 million one-year tranche A and a €47.05 million five-year tranche B.

Both tranches are initially priced at Euribor plus 225 basis points, however, starting on June 30, 2009, pricing on the tranche B can range from Euribor plus 150 bps to 225 bps depending on the company's net financial debt/EBITDA ratio.

The company has until Jan. 31, 2009 to draw down the loans.

Other financing for the DTN acquisition will come from the issuance of stock.

The all-cash purchase gives DTN an enterprise value of $445. Closing is expected in the fourth quarter.

Telvent is a Rockville, Md.-based information technology company. DTN is an Omaha, Neb., business information services provider.

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