Progress-Werk Oberkirch AG

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Miscellaneous

2016-08-08 / 08:00
The issuer is solely responsible for the content of this announcement.


Press Release

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
The Management Board

PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced metal components and systems in lightweight construction for automobile safety and comfort. The Group has developed a unique knowledge in the forming and joining of metals over the course of its roughly 97-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. PWO is globally represented with further sites in the Czech Republic, Canada, Mexico, and China. The Group employs a total of 3,100 staff members.

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".



2016-08-08 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


show this