Royal BAM Group Bunnik The Netherlands announced on April 21 that it has proposed adjustments to their covenants and extensions of two loans.
The banking syndicate of a €200 million subordinated loan and the banking syndicate of a €360 million loan have approved the adjustments. BAM has received approval from more than 90 percent of the fifteen banks in the syndicate of a €550 million facility for the proposed adjustments to this facility
One of the main adjustments is to use a part of proceeds from the sale of the group’s 21.5 percent stake in Van Oord (up to a maximum of €120 million) repay the €360 million loan. Also the €550 million facility will be reduced for a same amount. The Group has already indicated the intention to divest the interest in Van Oord for strategic reasons.