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Sorin Group: Financial Structure Improves Thanks to the Refinancing of the Medium-Long Term Debt and to the Securitization Program

  • Wednesday, December 27, 2006 6:01PM IST (12:31PM GMT)
Milan, Italy:  Drago Cerchiari, Chief Executive Officer of Sorin S.p.A. (MIL:SRN), announced today the signing of a refinancing agreement for the medium-long term debt of the Company. The new loan of up to Euro 200 million, which will be used to repay in total the current medium-long term debt, has been organized by Mediobanca - Banca di Credito Finanziario S.p.A., Banca Intesa S.p.A., BNP Paribas and MCC S.p.A., acting as Lead Arranger.

Mediobanca - Banca di Credito Finanziario S.p.A. acted as well as Global Coordinator e Facility Agent.

The new loan has an average duration of about 5 years, final expiry date being June 2013, and is structured in 2 tranches. Terms and conditions are those that generally apply to these kinds of transactions, and however, they represent an improvement over the current loan.

Furthermore, as a consequence of the mandate to Calyon assigned on May 31st 2006, yesterday Sorin undersigned the contracts related to the securitization program of trade receivables on a pan-European basis, for a total amount of Euro 150 million. Sorin expects to achieve the first securitizations already during the year and to bring the program fully operative within the first quarter of 2007, thus replacing factoring transactions.

"We are glad to announce to the market that with today's refinancing and securitazion agreements Sorin's financial and balance sheet structure is definitely stronger", commented Drago Cerchiari, Chief Executive Officer of Sorin. "Our commitment to execute our growth in the cardiovascular business can now benefit from a further boost thanks to the soundness of our balance sheet and to a lower level of financial charges".

About the Sorin Group

The Sorin Group (Reuters code: SORN.MI), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology and the treatment of chronic kidney diseases. Sorin Group includes: Dideco, CarboMedics, Inc., COBE Cardiovascular, Inc., Stockert, Mitroflow, ELA Medical, Inc., Sorin Biomedica, Bellco and Soludia. Sorin Group has more than 4,500 employees working at facilities in more than 80 countries throughout the world to serve over 5,000 public and private treatment centers.

For more information: www.sorin.com

Click here for Media Contact Details
CONTACT: Sorin Group Marco Chiado Piat VP Corporate Development Tel. +39-02-69969741 e-mail: marco.chiadopiat@sorin.com or Marilena Giavara Director, Investor Relations Tel. +44-20-70038730 e-mail: marilena.giavara@sorin.com

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