Robit Oyj announced that it has agreed on the restructuring of EUR 35.0 million in loans with its main financing bank. The covenant of the company's financing agreement, interest-bearing net debt in relation to EBITDA, did not meet the requirements of the financing agreement at 31 December 2018. The company has obtained the consent of the financing bank to breach this covenant. Under this new agreement, Robit has also agreed with the financing bank that in financial period 2019 the covenant to be followed will be EBITDA in the periods 1 January 2019 to 30 June 2019 and 1 January 2019 to 31 December 2019, after which the former covenant will be restored. Out of the loans granted under the agreement, EUR 5 million will be repaid in both January 2019 and April 2019 and the margin on the loans will be increased by, on average, 1.1% points. These loan margins will be restored to the level specified in the financing agreement when the original level of the covenant under the financing terms, interest-bearing net debt in relation to EBITDA, is achieved. The company will make the repayments from its liquid funds.
Robit Plc is a Finland-based company that develops, produces and markets button bits for rock drilling and casing systems for ground drilling. The Company's products can be divided into top hammer drilling consumables, which are used for rock drilling, and down-the-hole (DTH) drilling consumables, which are used for ground drilling. Its rock drilling offering comprises threaded button bits, drifter rods, extension rods, coupling sleeves, pilot adapters, and reamers. The components for ground drilling include pilots, rings, and impact shoes. The Company also offers site investigation, piling, bench drilling, production drilling, drifting and tunneling, forepoling, anchoring, horizontal drilling, micropiling and underpiling, and water well drilling. The Company has sales companies in Finland, South Korea, the United States, Russia, South Africa and Peru, and sales offices in Thailand and China. Its subsidiaries include Bulroc Ltd and Drilling Tools Australia Pty Ltd, among others.
ROBIT OYJ 
