DGAP-News: Linde AG / Key word(s): Bond
Linde AG: Linde exercises right to call two hybrid bonds early
31.05.2016 / 11:18
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Linde exercises right to call two hybrid bonds early
- 100 percent redemption
- Hybrid capital no longer needed because of credit rating improvements
Munich, 31 May 2016 - Linde is exercising its right to call early two
subordinated hybrid bonds that the Group issued in 2006 to acquire the
British gases company BOC. The redemption relates to a EUR 700 m bond with
a coupon of 7.375% (ISIN XS0259604329) and a GBP 250 m bond with a coupon
of 8.125% (ISIN XS0259607777). Both bonds will be redeemed at 100 percent
of their nominal value. Linde is exercising its right to repay the bonds
early on the 14 July 2016 which is 10 years after they were originally
issued.
Both hybrid bonds were, together with a capital increase, important
instruments during the acquisition of BOC as they strengthened the Group's
credit profile and positioned the Group's corporate ratings at "investment
grade" levels. Since the acquisition Linde's credit ratings have improved
due to the Group's stable business model and its conservative financial
policy and they currently stand at A+ (S&P) and A2 (Moody's). The hybrid
capital being redeemed is therefore no longer necessary. Linde does not
expect any credit rating repercussions because of this early redemption.
In the 2015 financial year, The Linde Group generated revenue of EUR 17.944
bn, making it one of the largest gases and engineering companies in the
world with approximately 65,500 employees working in more than 100
countries worldwide. The strategy of The Linde Group is geared towards
long-term, profitable growth and focuses on the expansion of its
international business with forward-looking products and services. Linde
acts responsibly towards its shareholders, business partners, employees,
society and the environment - in every one of its business areas, regions
and locations across the globe. The company is committed to technologies
and products that unite the goals of customer value and sustainable
development.
For more information about The Linde Group, go to www.linde.com
Contacts:
Media Relations Investor Relations
Dr Frank Herkenhoff Dr Dominik Heger
Phone +49.89.35757-1320 Phone +49.89.35757-1334
Treasury
Stefan Hess
Phone +49.89.35757-1610
---------------------------------------------------------------------------
31.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Linde AG
Klosterhofstraße 1
80331 München
Germany
Phone: +49.89.35757-01
Fax: +49.89.35757-1075
E-mail: info@linde.com
Internet: www.linde.de
ISIN: DE0006483001
WKN: 648300
Indices: DAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Munich, Stuttgart; Regulated
Unofficial Market in Hanover; Terminbörse EUREX; SIX
End of News DGAP News Service
---------------------------------------------------------------------------
467845 31.05.2016
DGAP-News: Linde AG: Linde exercises right to call two hybrid bonds early
| Source: EQS Group AG