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Schmolz Advances on Renegotiated Credit Agreement: Zurich Mover

Schmolz + Bickenbach AG rose the most in more than six weeks after the Swiss steelmaker reached an agreement with lenders to adjust its loan conditions.

Schmolz climbed as much as 11 percent, the biggest intraday rise since Jan. 24, and was up 9 percent at 2.55 Swiss francs as of 11:49 a.m. in Zurich. The stock has dropped 11 percent this year, giving the Emmenbruecke-based company a market value of 301 million francs ($319 million).

The steelmaker and lending banks agreed amendments to credit contracts for financing lines of about 930 million euros ($1.2 billion) due in March and April 2015, Schmolz said in a statement yesterday after markets closed. Management is also looking at “equity measures as well as other suitable measures” to “permanently reduce the leverage,” it said.

“With covenants already breached and no relief in sight for the next four quarters, reaching such an agreement was absolutely needed and hence welcome,” Patrick Rafaisz, an analyst at Bank Vontobel AG in Zurich, said in a note to clients.

Schmolz is being sued by U.S. hedge fund GoldenTree Asset Management LP, which accused the Swiss supplier of steel to carmakers of fraudulently marketing company bonds.

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