Bekaert gets bridge loan, repays €294 million of Bridon-Bekaert debt

By Sarah Lizee

Olympia, Wash., Oct. 15 – Bekaert said it refinanced the outstanding debt incurred by Bridon-Bekaert Ropes Group, obtaining a two-year covenant-free bridge loan and repaying €294 million to the Bridon-Bekaert lenders’ syndicate.

The refinancing was completed in connection with Bekaert’s acquisition of the 33% equity share Ontario Teachers Pension Plan held in Bridon-Bekaert, according to a press release.

The acquisition was announced in April and will be completed before the end of October.

Bekaert said the current debt restructuring and refinancing will reduce its consolidated net debt by €33 million.

Bekaert is a Kortrijk, Belgium-based company that specializes in steel wire transformation and coatings.

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