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March 31, 2004

Getronics repays $306m bond

IT services provider Getronics NV has taken a step towards ensuring its near-term survival by paying off 250m euros ($306m) in bonds that were due for repayment in 2008.

By CBR Staff Writer

The Amsterdam, Netherlands-based company used the proceeds of a recent rights issue and existing cash resources that it accumulated through its ongoing program of asset disposals. It raised 234.5m euros ($287m) in February by placing 100 million new ordinary shares for cash, to help it avoid the hefty 13% interest rate being charged on the bonds.

Getronics flirted with bankruptcy early last year after being crippled by debt relating to its $1.4bn purchase of Wang Global in 1999. CEO and chairman Klass Wagenaar, who joined the company in February 2003, has overseen a recovery program, which helped the company to make a net profit of 246m euros ($301m), its first since 2000.

This article is based on material originally published by ComputerWire

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