Landis+Gyr Secures USD 1 BLN Refinancing From Top Banks



    
    - Streamlines Debt Structure, Enhances Financial Flexibility for Growth -
    

    NEW YORK, June 18 /CNW/ -- Landis+Gyr, the global leader in energy
management offering utilities next generation "smart grid" solutions, today
announced the conclusion of a new USD 1.1 billion (euro 710 million)
refinancing package, bolstering the company's future growth plans.
    The new five-year, multi-currency refinancing package replaces two
previous bank facilities. A consortium of 13 international banks provided the
new facility, which includes term debt, capital expenditure and bonding, as
well as working capital tranches.
    The agreement streamlines Landis+Gyr's debt structure and provides
flexibility in drawdown and repayment to better manage future funding
requirements. In addition to a number of flexible features, Landis+Gyr
achieved a lower cost of funding with the facility, reflecting its strong
underlying credit quality, moderate overall debt levels and a track record of
producing strong financial results.
    "We are focused on providing our utility customers with the broadest and
most technologically advanced smart grid solutions," said Cameron O'Reilly,
Chief Executive Officer of Landis+Gyr Holdings. "This new facility positions
us well as we grow the business both organically and through acquisitions to
meet our clients' needs."
    The banks in the new facility are Barclays Capital, Lloyds TSB Corporate
Markets, ING Bank, Australia and New Zealand Banking Group, Bank of Scotland,
Credit Suisse, Deutsche Bank, HSBC Bank, RBC Capital Markets, The Royal Bank
of Scotland, Bank of Ireland, Allied Irish Banks and Goldman Sachs Credit
Partners.
    "Credit markets are in turmoil and yet we were able to conclude a
significant refinancing with first-tier relationship banks," said Andreas
Spreiter, Chief Financial Officer of Landis+Gyr Holdings. "Our strong
cashflows and financial position, supported by long term contracts and a high
degree of recurring business, were keys to closing this transaction."
    In recent weeks, Landis+Gyr has unveiled a number of major deals with
utilities across the globe, including one of the biggest yet announced in the
U.S. -- a four-year advanced metering contract with Texas utility Oncor.
    Under the agreement, Oncor will deploy a next generation Landis+Gyr
advanced meter system to empower seven million Texas consumers, through 3
million points of delivery, to independently manage their energy consumption,
cut their energy bills and protect the environment.
    With significant technological progress and encouragement from lawmakers
and regulators, smart metering is expected to revolutionize energy management
and grid reliability across the globe. Smart metering solutions provide
utilities with a two-way flow of data required to manage energy use,
efficiency and demand response and network protection. Consumers benefit from
lower energy costs, and, crucially, a reduced carbon footprint.
    Landis+Gyr, whose operational headquarters is in Zug, Switzerland,
recently announced it was opening an office in New York to underscore its
commitment to the North American market, which accounts for more than a third
of its global business.
    The global group also announced it was uniting its family of clean tech
companies around the world under one brand, Landis+Gyr, a name synonymous with
technological innovation in energy management for more than a century. As part
of the brand integration, former holding company Bayard Group itself was
renamed Landis+Gyr Holdings and its subsidiaries Landis+Gyr, Cellnet+Hunt,
Ampy Metering, Ampy+Email and Enermet, adopted the Landis+Gyr name as their
exclusive operating brand.
    Macquarie Capital (USA) Inc. acted as financial advisors to Landis+Gyr on
the refinancing and Baker & McKenzie provided legal advice. Clifford Chance
acted as legal advisors to the banking group.
    
    About Landis+Gyr
    
    Landis+Gyr is the leading provider of integrated energy management
solutions tailored to energy company needs. With a global presence and a
reputation for quality and innovation, Landis+Gyr is unique in its ability to
deliver true end-to-end advanced metering solutions.  Today, the Company
offers the broadest portfolio of products and services in the electricity
metering industry, and is paving the way for the next generation of smart
grid. With annualized sales of more than US$1.25 billion, Landis+Gyr operates
in 30 countries across five continents, and employs over 5,000 people with the
sole mission of helping the world manage energy better. For more information
about Landis+Gyr Inc., please visit the corporate website at www.landisgyr.com




For further information:

For further information: Financial Community, John Lovallo, Solebury 
Communications Group, +1-203-428-3215, jlovallo@soleburycomm.com; Media, Thor 
Valdmanis, +1-212-850-5696, thor.valdmanis@fd.com, or Jessy Adams, 
+1-212-850-5684, jessy.adams@fd.com, both of FD; In London, Oliver Williams, 
FD, +44 (0)20 7269 7294, olly.williams@fd.com; In Dublin, Jim Devlin, FD, 
+353 (0)166 33 606, jim.Devlin@fd.com; In Zurich, Martin Meier-Pfister, FD, 
+41 (0) 43 244 81 40, martin.meier-pfister@irfirm.biz; In Sydney, Mark Gold, 
FD, +61 (0) 282 986 100, mark.gold@fd.com Web Site: http://www.landisgyr.com


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