PALFINGER AG - Strong demand by institutional investors
- Three tranches with maturities of five, seven and ten years
- Acquisition of Harding is thus fully funded in the long-term
PALFINGER AG successfully placed a promissory note loan to the amount of EUR 200 million on Friday, March 31, 2017. The proceeds have been primarily used for the long term refinancing of the interim financing underlying the acquisition of the Harding Group. The promissory note loan was issued in three tranches featuring maturities of five, seven and ten years. 'This issue enabled us to take advantage of the favorable interest rate environment and secure the full funding of the strategically important acquisition of Harding', says Herbert Ortner, Chief Executive Officer of the PALFINGER Group. 'By focusing on the seven- and ten-year tranches, we were able to smooth out the maturity profile of our financial liabilities and ensure their long-term refinancing at the utmost favorable terms and conditions.'
PALFINGER already has extensive experience in issuing promissory note loans. The company has placed four transactions on the marketplace since 2009. The most recent promissory note was initially offered with a volume of EUR 75 million. However, the total volume was increased to EUR 200 million due to strong demand on the part of institutional investors from Austria, Germany and other European countries and the subsequent multiple oversubscription.
Palfinger AG published this content on 04 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 April 2017 08:18:21 UTC.
Original documenthttps://www.palfinger.ag/en/newsroom/company-news/ir-news/2017/PM_Schuldscheindarlehen
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