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VNU to Raise Funds and Add Hollick to Board
Hours before its shares ceased trading on the Euronext Amsterdam exchange, VNU yesterday announced plans to change its financing structure, including the raising of new funds, and the proposed addition of five members to its supervisory board. The five include former NOP boss Lord Hollick.
VNU said it plans to raise approximately $ 1,670 million gross from unsecured debts maturing in 2014 / 2016 and guaranteed by itself and certain of its subsidiaries, the latter with restrictive covenants imposed; and to arrange an immediate seven year Euros 4,316 million term loan facility and a six-year Euros 574 million revolving credit facility.
Other items include the purchase or cancellation of preferred shares, the completion of the recent bond tenders by Valcon Acquisition B.V., and the redemption at par of securities not tendered in the Valcon offers.
In addition to Hollick, the company has proposed the appointment to its supervisory board of Daniel F. Akerson, James A. Attwood, Jr., Richard J. Bressler and James A. Quella - these will be discussed in a forthcoming shareholders' meeting.
VNU has headquarters in Haarlem, the Netherlands, and New York, employs nearly 41,000 people and has total revenues of Euros 3.5 billion in 2005.
Full details on the group's web site, at www.vnu.com , should be consulted for all financial items - the above is a brief summary only.
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