NEW YORK, June 18 /PRNewswire/ --

- Streamlines Debt Structure, Enhances Financial Flexibility for Growth -

Landis+Gyr, the global leader in energy management offering utilities next generation "smart grid" solutions, today announced the conclusion of a new USD 1.1 billion (euro 710 million) refinancing package, bolstering the company's future growth plans.

The new five-year, multi-currency refinancing package replaces two previous bank facilities. A consortium of 13 international banks provided the new facility, which includes term debt, capital expenditure and bonding, as well as working capital tranches.

The agreement streamlines Landis+Gyr's debt structure and provides flexibility in drawdown and repayment to better manage future funding requirements. In addition to a number of flexible features, Landis+Gyr achieved a lower cost of funding with the facility, reflecting its strong underlying credit quality, moderate overall debt levels and a track record of producing strong financial results.

"We are focused on providing our utility customers with the broadest and most technologically advanced smart grid solutions," said Cameron O'Reilly, Chief Executive Officer of Landis+Gyr Holdings. "This new facility positions us well as we grow the business both organically and through acquisitions to meet our clients' needs."

The banks in the new facility are Barclays Capital, Lloyds TSB Corporate Markets, ING Bank, Australia and New Zealand Banking Group, Bank of Scotland, Credit Suisse, Deutsche Bank, HSBC Bank, RBC Capital Markets, The Royal Bank of Scotland, Bank of Ireland, Allied Irish Banks and Goldman Sachs Credit Partners.

"Credit markets are in turmoil and yet we were able to conclude a significant refinancing with first-tier relationship banks," said Andreas Spreiter, Chief Financial Officer of Landis+Gyr Holdings. "Our strong cashflows and financial position, supported by long term contracts and a high degree of recurring business, were keys to closing this transaction."

In recent weeks, Landis+Gyr has unveiled a number of major deals with utilities across the globe, including one of the biggest yet announced in the U.S. -- a four-year advanced metering contract with Texas utility Oncor.

Under the agreement, Oncor will deploy a next generation Landis+Gyr advanced meter system to empower seven million Texas consumers, through 3 million points of delivery, to independently manage their energy consumption, cut their energy bills and protect the environment.

With significant technological progress and encouragement from lawmakers and regulators, smart metering is expected to revolutionize energy management and grid reliability across the globe. Smart metering solutions provide utilities with a two-way flow of data required to manage energy use, efficiency and demand response and network protection. Consumers benefit from lower energy costs, and, crucially, a reduced carbon footprint.

Landis+Gyr, whose operational headquarters is in Zug, Switzerland, recently announced it was opening an office in New York to underscore its commitment to the North American market, which accounts for more than a third of its global business.

The global group also announced it was uniting its family of clean tech companies around the world under one brand, Landis+Gyr, a name synonymous with technological innovation in energy management for more than a century. As part of the brand integration, former holding company Bayard Group itself was renamed Landis+Gyr Holdings and its subsidiaries Landis+Gyr, Cellnet+Hunt, Ampy Metering, Ampy+Email and Enermet, adopted the Landis+Gyr name as their exclusive operating brand.

Macquarie Capital (USA) Inc. acted as financial advisors to Landis+Gyr on the refinancing and Baker & McKenzie provided legal advice. Clifford Chance acted as legal advisors to the banking group.

About Landis+Gyr

Landis+Gyr is the leading provider of integrated energy management solutions tailored to energy company needs. With a global presence and a reputation for quality and innovation, Landis+Gyr is unique in its ability to deliver true end-to-end advanced metering solutions. Today, the Company offers the broadest portfolio of products and services in the electricity metering industry, and is paving the way for the next generation of smart grid. With annualized sales of more than US$1.25 billion, Landis+Gyr operates in 30 countries across five continents, and employs over 5,000 people with the sole mission of helping the world manage energy better. For more information about Landis+Gyr Inc., please visit the corporate website at

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