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Aveva Group plc

AVEVA Group debt financing relating to proposed acquisition of OSIsoft

AVEVA Group plc (LON:AVV), a global leader in engineering and industrial software, has provided 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 as providers of this facility.

As regards the proposed $900 million 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 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 Group’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.

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