Carbures seals its refinancing deal with BBVA and Bankia

The industrial technological Group regulates its financial debt situations and continues growing.

• The industrial technological Group signs refinancing debt agreements with BBVA for four million and with Bankia for three million.

• By having obtained 27 million in private financing, and by means of this refinancing agreement for a total of seven million, Carbures regains confidence from the financial market and continues with its industrial routing sheet.

Madrid, Monday, 1st June, 2015. Carbures shows signs of confidence from the financial market: on the one hand, it has managed to gain the trust of the banks in order to refinance debts. Following the signing of various private financial agreements in the last six months, for 27 million euros, Carbures has sealed two refinancing debt agreements with BBVA and Bankia for a total amount of seven million, of which four million have arisen from an agreement with the first bank, and the remaining three from an agreement with Bankia. The new calendars for the repayment of debts which have been agreed to with the aforementioned financial entities involve the deferral of payments of 4.4 million euros arising from these loans until 2016.

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With the confirmation of this refinancing, the industrial technological Group which is specialised in the manufacturing and engineering of carbon fibre structures, and in particular car and plane parts, therefore closes a chapter of debt and opens a chapter to obtaining lines of bank credit, which will be added to the sum for the private financing..

The president of Carbures, Rafael Contreras, confirms that "by having established these refinancing agreements they will be able to stabilise the financial situation of the Group with the banking entities which will be a key step forward for the operation of the Group". "Carbures' situation has stabilised and clarified, and this refinancing agreement will allow us to keep growing and enable us to fulfil our routing sheet, both financially and industrially," adds Contreras.

Two of the financial associates of Carbures, the Catalan Industrial Group Anangu Grup and the investment fund, Black Toro Capital (BTC), demonstrated, once again their confidence in the Company last week by signing two new credits for four and two million euros respectively, for a period of three years and an interest of six percent. These new investments will be added to the eight million that was invested, last January by BTC, and the 13 million from Anangu from last December, therefore meaning that the total investment from both associates has reached a sum of 27 million euros in a six month period. These 27 million make up convertible debt credit that both BTC and Anangu will capitalise, by means of the resulting capital increase by the Company.

Likewise, through this advance in financial terms by the two means of financing, both private and refinancing of bank debt, Carbures has strengthened its Governing Body in order to adapt it to improvements in corporative governmental practices of the international markets, by means of the incorporation of Ignacio Foncillas, associate of Black Toro Capital, and of Jordi Lainz, Financial Director of Eurofred. Foncillas who works in New York, is an expert in financial markets, in particular North American Markets, and this will help Carbures to break further into the international financing circuits, given the extensive experience and the clear understanding of technological and industrial companies within this market, and the apparent potential for expansion, and they are therefore committed to developing within this market.

Jordi Lainz, an economist and financial director (CFO) of Eurofred, has joined Carbures as an advisor, which will allow him to bring his industrial and financial knowledge to the company due to his extensive experience in the financial sector, as a chartered accountant and internal auditor of companies within the aeronautical and auto-motive sector.

The industrial reality of the company continues to grown in line with the increase in the orders of composite material parts, both in the aeronautical and the industrial sectors. The Company's Business Plan anticipates an income of 118 million euros at the closing of the 2015 financial year, of which 35.5 million will come from the aerospace sector, 72 from the automotive sector, the majority of sales of industrial lines which allow for the manufacturing of large batches of carbon fibre car parts, the RMCP (Rapid Multi-Injection Process) technology patented by Carbures; and the remaining 11.5 million from the civil works sector, with a pioneering project carried out in a Canarian port, for the expansion of the quay with composite pillars which is anticorrosive against salt and water.

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