EXHIBIT 10.2
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SUMMARY OF SYNDICATED LOAN AGREEMENT
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The following is a summary of the (euro)115,000,000 syndicated loan
agreement that Instrumentation Laboratory, S.p.A. has guaranteed:
Date: 1 April 2004
Borrower: Izasa Distribuciones Tecnicas, S.A.
Amount: (euro)115,000,000
Guarantees: Joint and several guarantees from Material Subsidiaries.
Material Subsidiaries include those that represent at least
5% of the assets, EBITDA or consolidated revenues of Izasa.
Initially the guarantors include Instrumentation Laboratory,
S.p.A., Izasa Portugal - Distribucoes Tecnicas Limitada and
Biokit, S.A.
Maturity: 1 April 2009
Lenders: Banco Bilbao Vicaya Argentaria, S.A., Deutsche Bank
Luxembourg, S.A. and a group of financial entities.
Interest: EURIBOR plus Margin
The initial Margin will be 1.25% per annum. However, the
Margin will be modified based on the ratio of Net Debt to
EBITDA.
If Net Debt to EBITDA is greater than 3.5, then the Margin
will be 1.50%. If Net Debt to EBIDTA is greater than 3.0 but
less than or equal to 3.5, then the Margin will be 1.25%. If
Net Debt to EBITDA is less than or equal to 3.0, then the
Margin will be 1.00%.
Amortization: The loan will be amortized according to the following
schedule:
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Month Amount
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18 (euro)11,500,000
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24 (euro)11,500,000
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30 (euro)11,500,000
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36 (euro)11,500,000
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42 (euro)11,500,000
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48 (euro)11,500,000
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54 (euro)11,500,000
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60 (euro)34,500,000
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Prepayment: The loan may be prepaid on any interest period date with 10
days prior written notice. Any payment must be of at
least (euro)5,000,000 and in (euro)1,000,000 increments.
Acceleration: The following events, among others, will cause the loan to
be accelerated:
o Non-compliance with the conditions of the agreement;
o Cessation of or radical change to the business
operations;
o Cross default;
o Change of control.
Law: The loan agreement will be governed by the laws of the
Kingdom of Spain and the Courts of Barcelona.
