AVEVA GROUP PLC
Update Regarding Debt Financing
AVEVA Group plc ('AVEVA'), a global leader in engineering and industrial software, is pleased to provide an update on the debt financing relating to its proposed acquisition of OSIsoft announced on 25 August 2020.
Syndication of the £250 million revolving credit facility has now successfully completed with HSBC and Santander joining J.P. Morgan, Barclays and BNP Paribas (the 'Debt Underwriters') as providers of this facility.
As regards the proposed $900 million term loan (the 'Term Loan'), the independent board of AVEVA has reached agreement with Schneider Electric and the Debt Underwriters that the Term Loan will not now proceed to syndication, but will instead be provided directly to AVEVA by Schneider Electric (the 'SE Term Loan') on terms which are identical in all material respects to those originally envisaged, save that:
i. the interest margin will be improved versus that previously envisaged at all leverage levels; and,
ii. AVEVA will not now incur lenders' participation fees.
The SE Term Loan will still have a 3-year term and is pre-payable at any time without penalty, in whole or in part, at AVEVA's option.
The timetable for the proposed acquisition of OSIsoft remains on track. Publication of the Circular and Prospectus to approve the transaction and launch the proposed rights issue is expected in early November 2020.
AVEVA Group plc
Matthew Springett, Head of Investor Relations: +44 (0) 1223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden: +44 (0) 203 727 1000