Océ, through Canon Inc., refinanced both the multicurrency revolving credit facilities and the United States Private Placements. The intent of Canon and Océ to refinance Océ's debt has been announced on various occasions prior to the completion of Canon's offer on Océ's ordinary shares.
The refinancing does not include financial covenants or commitment fees and is at more favorable interest margins than the aforementioned facilities.
As a consequence of the refinancing, Océ's second quarter earnings will include EUR 40 million one-off finance expenses. In addition, as a consequence of the change of control, also other substantial one-off items will be recorded in Océ's quarterly earnings.
