SEA has subscribed with a pool of banks (Mediobanca, UniCredit, Banca Imi, Biis, Bnp Paribas, Bnl, Mps Capital Services, Bpm) a new loan agreement for 130 million. The loan, explains a note from the company, is partially intended to repay the loan of 102,5 million euro maturing in March 2013, while the remainder, consisting of a revolving line, is to support the group's financial elasticity and flexibility .
Furthermore, the main terms and conditions of the credit lines of 135 million, signed in 2011 with the same pool of banks, and which, among other things, allow the coverage of the payment of the extraordinary dividend approved by the shareholders' meeting of 29 December 2011.
The loan agreement for 130 million, explains Sea, does not envisage limits on the distribution of the company's ordinary dividends, and the company expects this condition to also be recognized in the contract governing the credit lines subject to review, upon completion of the deliberative process relating to this clause by the banks in the pool. This will make it possible to eliminate Sea's commitment not to distribute ordinary dividends for an amount exceeding 66% of the distributable statutory profit.
In this regard, Sea specifies that, also in the light of the recent declarations of the top management, the company intends to distribute a dividend pay-out of up to 70% to its shareholders. Without prejudice to the competence of the shareholders' meeting on this matter, Sea intends to propose to the shareholders, where the conditions are met, the approval of this policy.
