Corporate Bond / Syndicated Loan
At the beginning of July 2004 Dürr issued a corporate bond with a volume of € 200 million. The fixed-interest and subordinated bond has a term through 2011 and a coupon of 9.75%. Dürr bought back 50% of the bond volume effective as at October 15, 2008. The 50% tranche was paid back at 105.25% plus interest incurred. Dürr plans to issue a new five-year corporate bond, probably in autumn 2010. After its successful placement, Dürr intends to redeem the old corporate bond prematurely and in full by November 2010 at 100% of its par value. Dürr’s aim is to take advantage of the present capital market conditions to raise long-term funding on more favourable terms.
It is planned for the new bond to be placed as an own issue in a volume of approximately € 100 million. Dürr wishes to address private investors, asset managers, and smaller institutional investors who, to some extent, are already invested in the old bond. The bond is to be listed at the Frankfurt stock exchange as well as in the Bondm segment of the Stuttgart stock exchange. Through this new bond segment for small and mid cap companies, private investors are able to subscribe directly, and receive a guaranteed allotment within the framework of the issue volume during the subscription period. Asset managers and smaller institutional investors can subscribe through sponsoring brokers. Dürr aims in this way to establish a similarly stable investor base for the new bond as with the old bond.
In addition, the Dürr Group has credit and guarantee lines to cover financing on a long-term basis (duration until September 2011). The credit line for the syndicated loan stands at € 180 million. The guarantee line stands at € 220 million.
| Dürr AG Corporate Bond | |
|---|---|
WKN | A0BU7S |
ISIN (Reg S) | XS0195957658 |
ISIN (144a) | XS0195957815 |
Maturity | until July 15, 2011 |
Coupon | 9.75 % |
Repayment | anytime callable with a cancellation period of 4 weeks at a rate of 100% (from July 15, 2010) |
Intererst payment | semiannual at 15th of January / 15th of July |
Nominal value | EUR 1,000.00 |
Stock exchange/ | Stuttgart, Frankfurt, Berlin and Hamburg. Additionally |