November 11, 2014

Recall Continues Acquisition Expansion and Increases Loan Facility

To Evaluate Potential Alternative Corporate Structures to Maximise Shareholder Value 

Sydney, Australia: November 11, 2014 Recall Holdings Limited (ASX: REC), a global leader in document storage, digital document management and data protection, today updated the market on the continued progress of its acquisition strategy and announced the increase of its syndicated loan facility by $250 million to provide further funding flexibility for the ongoing execution of its strategy. In addition, the company announced it is exploring strategies to maximise shareholder value through alternative corporate structures.

Recall’s focus on accretive acquisitions continues, completing five acquisitions since the beginning of FY15 — three in the U.S., one in Australia and one in the U.K. The combined purchase price is approximately $31 million and, on a post synergy basis, represents an EBITDA multiple of less than 7.0x. These acquisitions will generate annualised revenue of approximately $10 million and add one million carton equivalents. In FY15, these acquisitions are expected to add approximately $8 million of revenue. The acquisition pipeline continues to strengthen and is a key component of the strategy to accelerate sustainable profitable growth.

Recall’s amended syndicated financing agreement increases its $800 million loan facility by $250 million, to a total of $1.05 billion. In addition, the facility has been amended to a single 5-year term, with a maturity date of October 2019. The key covenants under the facility remain unchanged with net debt to EBITDA of less than 3.5x and EBITDA to net finance costs of not less than 3.5x.

Recall is exploring, with advisers, potential alternative corporate structures, including a Real Estate Investment Trust (REIT) in the United States, in order to maximise shareholder value. Recall will assess the costs and benefits associated with implementing various structures. Given the uncertainties associated with obtaining approvals from the applicable authorities, there can be no assurances that any structures will be implemented. In keeping with its continuous disclosure requirements, Recall will update the market when there are material developments.

About Recall

Recall is a global leader in information management solutions, offering customers complete management of its physical and digital information assets with one partner. Recall’s innovative solutions empower organizations to make better business decisions throughout the information lifecycle, while keeping regulatory compliance and eliminating unnecessary resources, time and costs. Recall services more than 80,000 customer accounts in over 300 dedicated operation centers, spanning five continents in 24 countries. For more information, please visit

For further information, please contact:

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David Sprague or Amanda Fountain

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