DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Miscellaneous
PWO concludes a syndicated loan agreement for the first time
- Secures volume of EUR 100 million for five years
- Takes advantage of current favorable market environment
- Places financing of future growth on solid footing
Oberkirch, August 8, 2016 - PWO has successfully broadened its financing options and secured its long-term financing for the Group. For the first time, the Company concluded a syndicated loan with existing banking partners and one new banking partner for a volume of EUR 100 million. This loan combines previously existing bilateral financing and expands the Group's financial leeway. A portion of the volume mentioned can also be used to finance acquisitions. This new variable financing has a five-year maturity with options to extend.
Bernd Bartmann, Management Board Member responsible for the administration & finance area, is very pleased stating: "The syndicated loan secures the financing necessary to give us planning certainty for the next several years. It also allows us the flexibility to implement new projects throughout the Group at attractive borrowing costs. We are delighted that our longstanding banking partners are accompanying us in our quest for continued international growth and that we have also won a new partner."
Progress-Werk Oberkirch AG
PWO company profile
PW0 is a partner to the global automotive industry for the development and production of innovative products in the divisions of "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and subsystems for vehicle bodies and chassis".
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-347|
|Fax:||+49 (0)7802 84-789|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|End of News||DGAP News Service|