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April 2010

DSI successfully completes refinancing negotiations

Aschheim, 9 April 2010. DYWIDAG-Systems International (DSI) today announced that it has reached an agreement following refinancing negotiations with its principal shareholder CVC Capital Partners and principal lenders Barclays Capital and Bank of America Merrill Lynch.


The refinancing involves a debt for equity conversion, significantly reducing balance sheet gearing. As a result, Barclays Capital and Bank of America Merrill Lynch become the largest shareholders in DSI, while funds advised by CVC remain significant shareholders and continue to be represented on the board.


DSI management have been closely involved in the process and are fully supportive of the outcome. Since there are no changes in the executive management of the company or its strategy, continuity for customers, suppliers and employees is assured.


“DSI like many companies in the construction and mining industries has experienced a double-digit decline in sales in the last 12 months but has always remained operationally profitable and cash positive. We are therefore delighted at the support we have received in the restructuring agreement. This is clear recognition of the strength of the DSI business and we feel we will be in a great position to take full advantage of market opportunities in 2010 and beyond.” said Alan Bate, Chairman of DSI.


“We are pleased that we found a consensual solution with all parties involved. We have confidence in the future of DSI. The new capital structure will allow all parties to benefit from a future upswing in the business”, said Steve Koltes, Managing Partner of CVC Capital Partners.


“We are very pleased to have concluded these negotiations. We share CVC’s confidence in DSI and are anxious to support management’s plans to develop the business going forward” said a spokesperson for Barclays Capital and Bank of America Merrill Lynch.



Media contact:

Markus Talanow
Hering Schuppener
Phone: +49 69 92 18 74 70
Mobile:+49 171 86 79 940

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for more information please contact:             
DYWIDAG-Systems International
  Gerhard Kahr
  Phone: + 49 89 309050 241


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