Kongsberg Automotive obtains waiver agreement approval from its syndicate banks
Kongsberg Automotive ASA announces that approval has been obtained from its syndicate banks, subject to the facility agreement dated March 2015 (the "Facility"). The Amendment to the Facility is entered as per 31 December 2016.
As per the key terms of such amendment, the following covenants will be waived until March 31, 2018:
· Gearing ratio
· Capital Expenditure limit
Kongsberg Automotive is very enthusiastic about this level of cooperation and trust from our syndicate banks. This enables KA to execute our announced improvement and restructuring plans in addition to continuing to Invest in our business both in product development and our operations.