By Marisa Wong
Los Angeles, June 30 – Hoermann Industries GmbH announced it placed €50 million of 7% corporate bonds due 2028.
The offering was oversubscribed by institutional investors in Germany and abroad as well as private investors, according to a Friday press release.
The bonds had been talked at 6˝% to 7˝%, as previously reported.
Holders of the company’s existing 2019/2024 bonds were invited to purchase the new bonds under an exchange and a new subscription option, according to Friday’s announcement.
Proceeds from the new bonds will be used to refinance the outstanding 2019/2024 bonds.
Existing bondholders who have not accepted the exchange offer or whose bonds have not been fully exchanged for the new bond will be paid a redemption price of 100.23 plus accrued interest.
The early redemption of those bonds will be declared no later than Sept. 30.
Pareto Securities AS, Frankfurt Branch acted as manager and bookrunner for the offering, Clifford Chance acted as legal advisor.
Trading of the new bonds on the Frankfurt Stock Exchange is scheduled for July 3, and inclusion in the Nordic ABM of the Oslo Stock Exchange will take place within six months. The issue date is July 11.
Based in Kirchseeon, Germany, Hormann produces metal components, modules and systems for commercial vehicles.
| Issuer: | Hoermann Industries GmbH
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| Amount: | €50 million
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| Issue: | Corporate bonds
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| Maturity: | 2028
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| Bookrunner: | Pareto Securities AS, Frankfurt Branch
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| Legal advisor: | Clifford Chance
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| Coupon: | 7%
|
| Settlement date: | July 11
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| Listing: | Frankfurt, Oslo
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| Price talk: | 6˝%-7˝%
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