Heidelberger Druckmaschinen AG / Key word(s): Bond
10.12.2013 08:41
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY IN OR
INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR ANY
JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE
PROHIBITED BY APPLICABLE LAW
Heidelberg improves financing structure: extension of syndicated credit
line ahead of term - increase via tap on existing High Yield Bond
* Heidelberg extends its syndicated credit line ahead of term until June
2017 and simultaneously reduces the amount of the line of credit
* EUR 50 million increase via tap on existing 9.25 percent High Yield Bond
due 2018
Heidelberger Druckmaschinen AG (Heidelberg) has further optimized its
financing structure by extending its existing syndicated credit line ahead
of term. Additionally, Heidelberg announced today that it will make an
offering of EUR 50 million aggregate principal amount of its existing 9.25
percent bond due 2018, which constitute a further issuance of, and will
form a single class with, Heidelberg's existing 9.25 percent bond due 2018.
As the existing High Yield Bond, the additional High Yield Bond will mature
on April 15, 2018. The net proceeds from the additional High Yield Bond
offering, if completed, are expected to be used for general corporate
purposes.
The syndicated credit line arranged in 2011 was extended with the existing
consortium at an early stage until mid-2017, thereby aiming to finance
Heidelberg's operational activities and the resulting fluctuating capital
requirements. In addition, the credit line will be available for
investments in growth.
The syndicated credit line totaling EUR 390 million available to Heidelberg
will be reduced by an amount equal to the net proceeds from the planned
additional High Yield Bond offering to approximately EUR 340 million. It
was agreed together with the banking consortium that the syndicated credit
line will be further reduced to approximately EUR 277 million on December
31, 2014.
By offering the additional High Yield Bond via a tap on the existing High
Yield Bond, Heidelberg is taking advantage of the favorable capital market
environment for financing the company. The additional High Yield Bond will
be offered exclusively to qualified institutional investors; the minimum
investment amount is EUR 100,000 per investor.
By extending the syndicated credit line, Heidelberg has further improved
its financing structure with regard to the maturity profile. In the future,
Heidelberg's financing framework will basically consist of the syndicated
credit line with a maturity until mid-2017, the convertible bond amounting
to EUR 60 million with a term ending mid-2017, and the High Yield Bond then
totaling EUR 354 million with a maturity until April 2018. Thus, Heidelberg
has arranged an adequate financial framework for its business development
and offers a diversified financing structure.
This publication constitutes neither an offer to sell nor a solicitation to
buy or subscribe to securities.
The information contained herein is not for distribution, directly or
indirectly, in or into the United States of America (including its
territories and possessions of any State of the United States of America or
of the District of Columbia) and must not be distributed to
U.S. persons (as defined in Regulation S of the U.S. Securities Act of
1933, as amended ('Securities Act')) or publications with a
general circulation in the United States of America. This publication is
not an offer of securities for sale in the United States of
America. The securities have not been and will not be registered under the
Securities Act and may not be offered or sold in the
United States of America absent registration or an exemption from
registration under the Securities Act, as amended. The Issuer
does not intend to register any portion of the offering in the United
States of America or to conduct a public offering of the securities
in the United States of America. This publication is not an offer of
securities for sale in the United Kingdom, Canada, Japan or
Australia.
Important note:
This press release contains forward-looking statements based on assumptions
and estimations by the Management Board of Heidelberger Druckmaschinen
Aktiengesellschaft. Even though the Management Board is of the opinion that
those assumptions and estimations are realistic, the actual future
development and results may deviate substantially from these
forward-looking statements due to various factors, such as changes in the
macro-economic situation, in the exchange rates, in the interest rates and
in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft
gives no warranty and does not assume liability for any damages in case the
future development and the projected results do not correspond with the
forward-looking statements contained in this press release.
Contact:
Heidelberger Druckmaschinen AG
Corporate Public Relations
Thomas Fichtl
Phone: +49 (0)6221 92 5900
Mobile: +49 (0)173 318 69 47
Fax: +49 (0)6221 92 5088
E-Mail: thomas.fichtl@heidelberg.com
Investor Relations
Robin Karpp
Phone: +49 (0)6221- 92 6020
Fax: +49 (0)6221- 92 5189
E-mail: robin.karpp@heidelberg.com
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Information and Explaination of the Issuer to this News:
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY IN OR
INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR ANY
JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE
PROHIBITED BY APPLICABLE LAW
Heidelberg improves financing structure: extension of syndicated credit
line ahead of term - increase via tap on existing High Yield Bond
* Heidelberg extends its syndicated credit line ahead of term until June
2017 and simultaneously reduces the amount of the line of credit
* EUR 50 million increase via tap on existing 9.25 percent High Yield Bond
due 2018
Heidelberger Druckmaschinen AG (Heidelberg) has further optimized its
financing structure by extending its existing syndicated credit line ahead
of term. Additionally, Heidelberg announced today that it will make an
offering of EUR 50 million aggregate principal amount of its existing 9.25
percent bond due 2018, which constitute a further issuance of, and will
form a single class with, Heidelberg's existing 9.25 percent bond due 2018.
As the existing High Yield Bond, the additional High Yield Bond will mature
on April 15, 2018. The net proceeds from the additional High Yield Bond
offering, if completed, are expected to be used for general corporate
purposes.
The syndicated credit line arranged in 2011 was extended with the existing
consortium at an early stage until mid-2017, thereby aiming to finance
Heidelberg's operational activities and the resulting fluctuating capital
requirements. In addition, the credit line will be available for
investments in growth.
The syndicated credit line totaling EUR 390 million available to Heidelberg
will be reduced by an amount equal to the net proceeds from the planned
additional High Yield Bond offering to approximately EUR 340 million. It
was agreed together with the banking consortium that the syndicated credit
line will be further reduced to approximately EUR 277 million on December
31, 2014.
By offering the additional High Yield Bond via a tap on the existing High
Yield Bond, Heidelberg is taking advantage of the favorable capital market
environment for financing the company. The additional High Yield Bond will
be offered exclusively to qualified institutional investors; the minimum
investment amount is EUR 100,000 per investor.
'With the early refinancing of our credit lines and the simultaneous tap on
our existing bond, we will optimize our financing structure by further
extending maturities until 2017 and 2018. By means of our successful asset
and net working capital management, we aim to further reduce our financing
framework in the medium-term,' CFO Dirk Kaliebe explains.
'We consider the refinancing arrangements concluded at this early stage a
clear mark of confidence by the banks in our company,' says Gerold
Linzbach, Heidelberg's CEO.
By extending the syndicated credit line, Heidelberg has further improved
its financing structure with regard to the maturity profile. In the future,
Heidelberg's financing framework will basically consist of the syndicated
credit line with a maturity until mid-2017, the convertible bond amounting
to EUR 60 million with a term ending mid-2017, and the High Yield Bond then
totaling EUR 354 million with a maturity until April 2018. Thus, Heidelberg
has arranged an adequate financial framework for its business development
and offers a diversified financing structure.
This publication constitutes neither an offer to sell nor a solicitation to
buy or subscribe to securities.
The information contained herein is not for distribution, directly or
indirectly, in or into the United States of America (including its
territories and possessions of any State of the United States of America or
of the District of Columbia) and must not be distributed to
U.S. persons (as defined in Regulation S of the U.S. Securities Act of
1933, as amended ('Securities Act')) or publications with a
general circulation in the United States of America. This publication is
not an offer of securities for sale in the United States of
America. The securities have not been and will not be registered under the
Securities Act and may not be offered or sold in the
United States of America absent registration or an exemption from
registration under the securities Act, as amended. The Issuer
does not intend to register any portion of the offering in the United
States of America or to conduct a public offering of the securities
in the United States of America. This publication is not an offer of
securities for sale in the United Kingdom, Canada, Japan or
Australia.
Important note:
This press release contains forward-looking statements based on assumptions
and estimations by the Management Board of Heidelberger Druckmaschinen
Aktiengesellschaft. Even though the Management Board is of the opinion that
those assumptions and estimations are realistic, the actual future
development and results may deviate substantially from these
forward-looking statements due to various factors, such as changes in the
macro-economic situation, in the exchange rates, in the interest rates and
in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft
gives no warranty and does not assume liability for any damages in case the
future development and the projected results do not correspond with the
forward-looking statements contained in this press release.
For further information, please contact:
Heidelberger Druckmaschinen AG
Corporate Public Relations
Thomas Fichtl
Phone: +49 6221 92-5900
Fax: +49 6221 92-5088
E-mail: thomas.fichtl@heidelberg.com
Investor Relations
Robin Karpp
Phone: +49 (0)6221- 92 6020
Fax: +49 (0)6221- 92 5189
E-mail: robin.karpp@heidelberg.com
10.12.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Heidelberger Druckmaschinen AG
Kurfürsten-Anlage 52-60
69115 Heidelberg
Germany
Phone: +49 (0)6221 92-60 22
Fax: +49 (0)6221 92-51 89
E-mail: investorrelations@heidelberg.com
Internet: www.heidelberg.com
ISIN: DE0007314007
WKN: 731400
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Heidelberger Druckmaschinen AG: Heidelberg improves financing structure: extension of syndicated credit line ahead of term - increase via tap on existing High Yield Bond
| Source: EQS Group AG