voxeljet AG & EIB adjust the conditions for a disbursement of their venture debt deal
German manufacturer of 3D Printers, voxeljet AG expands its partnership with European Investment Bank to bring 3D printing into series production.
This final goal could not have been achieved without the venture debt contract of up-to €25 million signed by the two parties in 2017.
The loan is part of a joint initiative launched by the European Investment Bank Group in cooperation with the European Commission. The EIB is the Bank of the European Union, and is owned by the 27 Member States. The financing is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the EU’s Investment Plan for Europe.
The funds have enabled the manufacturer to develop its VJET X series that a German car manufacturer will use to mass-produce new conformal cooling components to increase the efficiency of its vehicles. The funds have also allowed for a fast commercialization of the company’s 3D printers across the world.
To date, the Germany-based provider of on-demand parts services announced that the first tranche of €10 million was disbursed at the end of 2017. Both parties decided to adjust the milestones and conditions for a disbursement of the second tranche total of €8 million as well as to amend the financial covenants to replace the Total Net Financial Debt to EBITDA ratio with a Minimum cash/cash equivalents requirement.
€5 million under the second tranche are now expected to be disbursed in June 2020. The amount is to be repaid after five years as a bullet repayment.
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