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voxeljet AG Concludes Three Loan Agreements with Kreissparkasse Augsburg
voxeljet AG (NYSE:VJET) has concluded three loan agreements with Kreissparkasse Augsburg, a bank that specializes in providing financing to small and medium-sized businesses. The loans come to an aggregate amount of EUR 4,000,000 to finance the building of new office and production facilities in Friedberg in Balthasar-Schaller-Str.
voxeljet AG (NYSE:VJET) has concluded three loan agreements with Kreissparkasse Augsburg, a bank that specializes in providing financing to small and medium-sized businesses. The loans come to an aggregate amount of EURÂ 4,000,000 to finance the building of new office and production facilities in Friedberg in Balthasar-Schaller-Str.
The three loans are as follows:
(i) a loan agreement in the amount of EURÂ 2,000,000 with a fixed interest rate of 2.47% per annum until the end of the term of the loan on December 30, 2025, (ii) a loan agreement in the amount of EURÂ 1,000,000 with a fixed interest rate of 2.72% per annum until the end of the term of the loan on December 30, 2030 and (iii) a loan agreement in the amount of EURÂ 1,000,000 with a variable interest rate of 1.75% per annum, which can be terminated by either party with a notice period of 3 months.
Among other terms, the loan agreements contain certain covenants, including that voxeljet deposit EUR 2,000,000 with Kreissparkasse Augsburg until it has reached certain target numbers with respect to its ability to service the debt. In case voxeljet has not reached certain target numbers with respect to its ability to service the debt by the end of its business year 2019, voxeljet is obliged to grant a pledge over the deposited amount of EUR 2,000,000 in favor of Kreissparkasse Augsburg. The loan agreements further include a change of control provision that is triggered in the event voxeljet shareholders Dr. Ingo Ederer and Franz Industriebeteiligungen AG hold less than 512,300 (2,561,500 ADS’s) or 229,700 (1,148,500 ADS’s) voxeljet ordinary shares, respectively. The change of control provision is only applicable as long as voxeljet does not meet the debt service target numbers. The real estate in Balthasar-Schaller-Str. will serve as collateral under the loan agreements.
Click here to read the full press release from voxeljet AG.
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