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USG People repays 60m subordinated loan early

The loan, which was entered into in September 2013 and had a tenor until 31st December 2016, was repaid at no charge. 

In the past few years the total debt of USG People has been substantially reduced and the balance sheet has been further strengthened. The current financing structure and positive operating cash flow provide comfortable scope and security to be able to execute our strategic plans unhindered. 

Converting the &euro60m loan into a non-subordinated loan will result in a significant reduction in annual interest expenses. This will have a positive effect on net income as from the fourth quarter of 2015.

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