Progress-Werk Oberkirch AG / Key word(s): Corporate Action
PWO successfully places a promissory note loan of EUR 60 million
- First-time issue of this attractive type of instrument
- Highly oversubscribed within an extremely short time period
- A large number of promissory note investors attracted
Oberkirch, April 17, 2014 - Progress-Werk Oberkirch AG issued a promissory note loan and, as a result, has locked in the favorable prevailing level of interest rates for a longer period of time. The proceeds from this issue will secure our upcoming growth and will be used to refinance existing current bank liabilities over the medium and long term.
Within an extremely short period of time, PWO's first emission of this type was five times oversubscribed. Hence, the volume of EUR 30 million initially planned was doubled to EUR 60 million. The promissory note loan is divided into four tranches with maturities of five and seven years. A large number of banks, savings banks, and other institutions in German-speaking regions were acquired as promissory note investors. The transaction was accompanied by Landesbank Baden-Württemberg.
Bernd Bartmann, Management Board Member for Administration and Finance, is proud of the emission's success: "By issuing this promissory note loan, we have gained yet a further attractive instrument for our refinancing. Once again, this has helped us to improve our excellent positioning for the growth we have planned for the future. We look forward to faithfully working together in the future with an additional group of investors, beyond our principal banks."
Karl M. Schmidhuber, Chief Executive Officer, emphasized: "The high demand seen for our subscription offer confirms PWO's solid reputation and the confidence of investors in our well-established business model. The favorable refinancing conditions we have been able to secure will contribute to PWO's further success."
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 "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and sub-systems for vehicle bodies and chassis".
End of Corporate News
17.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-0|
|Fax:||+49 (0)7802 84-273|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, München|
|End of News||DGAP News-Service|