Royal BAM to Sell Van Oord Shares to Adjust Loan

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.