Rickmers Holding GmbH & Cie. KG / Key word(s): Bond
19.11.2014 11:49
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this
announcement.
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Announcement according to § 8 of the
General Terms and Conditions of
Deutsche Börse AG for the Prime Standard for Corporate Bonds
Ad hoc announcement: Rickmers rating set to "CCC"
Hamburg, 19 November 2014 - Today, the rating agency Creditreform has
updated the company rating of Rickmers Holding GmbH & Cie. KG, parent
company of the Rickmers Group of shipping companies. The rating was set to
the level "CCC". To date Creditreform had rated the company with "B".
Creditreform justifies the new rating with the bank loan liabilities
maturing partially in 2015 and 2016 respectively, which are still subject
to refinancing as well as the restrained development of market and the
corresponding results from operations.
Rickmers Group has initiated negotiations with the financing banks to
refinance the respective parts of the group's loan liabilities. Together
with the first bond issue in 2013 these negotiations form an essential part
of the overall recapitalization strategy as a prerequisite for
strengthening the capital base and further growth of Rickmers Group. As a
reaction to the ongoing weak shipping markets, Rickmers Group has
furthermore inter alia implemented a programme to increase efficiency in
the Rickmers-Linie segment which will have positive effects already on the
full year 2014 results.
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Information and Explaination of the Issuer to this News:
About Rickmers Group
With its Head Offices in Hamburg and Singapore, the Rickmers Group is an
international service provider for the shipping industry as well as for
ship-owners and shipping lines. Its international structure comprises over
20 offices in eleven countries and more than 50 agents worldwide. The
Rickmers Group's business activities are grouped into three segments:
Maritime Assets, Maritime Services and the Rickmers Line.
In the Maritime Assets segment the Rickmers Group is active as Asset
Manager for its own vessels and also for those of third parties. Rickmers
initiates and coordinates shipping projects, organises financing and
acquires, charters and sells ships. In the Maritime Services business
segment the Rickmers Group provides ship management services for the
Rickmers Group's own vessels as well as for those owned by third parties;
these services comprise technical and operational management, crewing,
newbuild supervision, consultancy and insurance-related services. In the
Rickmers Line business segment the Rickmers Group operates as a shipping
line for breakbulk, heavy lift and project cargo, and additionally offers
individual voyages.
Press enquiries:
Kirchhoff Consult AG
Sebastian Bucher
T: +49 (0)40 60 91 86 18
F: +49 (0)40 60 91 86 60
E: sebastian.bucher@kirchhoff.de
19.11.2014 The DGAP 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: Rickmers Holding GmbH & Cie. KG
Neumühlen 19
22763 Hamburg
Germany
Phone: +49 40 389177 0
Fax: +49 40 389177 500
E-mail: info@rickmers.com
Internet: www.rickmers.com
ISIN: DE000A1TNA39
WKN: A1TNA3
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart; Open Market in Frankfurt (Prime Standard for
Corporate Bonds)
End of Announcement DGAP News-Service
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DGAP-News: Ad hoc announcement: Rickmers rating set to 'CCC'
| Source: EQS Group AG