Moreover, the transaction was multiple times oversubscribed compared to the original offering. The German Private Placement (Schuldschein) was offered with a term to maturity of four and seven years respectively, in each case at fixed and variable interest rates, as well as with a term to maturity of ten years but only at a fixed interest rate.
“Following the issuance of a corporate bond in 2010 and the capital increase within the context of the Re-IPO 2011, we want to take advantage of a further asset class for financing purposes on behalf of the Lenzing Group.
“Thus we are implementing the diversification of Group financing, especially as it is possible to optimally add further tranches in the future to the existing German Private Placement”, says Lenzing Chief Financial Officer Thomas G. Winkler.
The Lenzing Group currently has a strategic liquidity reserve of about EUR 353 mn at its disposal (cash and cash equivalents as well as short term securities). In addition, Lenzing can draw upon unused lines of credit to the amount of over EUR 200 mn.
The issued German Private Placement (Schuldschein), which increases the level of liquidity by EUR 200 mn, takes advantage of the favorable market situation at present, with a historically low EURIBOR interest rate, in order to safeguard the financing of Lenzing’s dynamic expansion drive over a period of up to ten years.
Fashion | On 25th Apr 2017
LVMH and Christian Dior, which holds directly and indirectly 41 per...
Information Technology | On 25th Apr 2017
It is the era of smart. Intelligent materials like self-repairing...
‘Portugal is taking away a major share of the mill made sector.’
Sanjay Desai & Ashish Mulani
Digital textile printing will be the technology of the future
‘In future, clothing boundary lines will become increasingly blurred.’
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Larry L Kinn
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...