Subscription period for new HÖRMANN 2019/2024 bond starts today
The subscription period for the new 2019/2024 bond to be issued by HÖRMANN Industries GmbH begins today. The five-year bond (German Securities Code Number (WKN): A2TSCH / ISIN NO0010851728) with a nominal value of EUR 1,000.00 is scheduled to be available for subscription via banks and online brokers on the Frankfurt Stock Exchange until 28 May 2019 (10:00 a.m.). The offer is aimed at institutional investors and asset managers as well as private investors in Germany and Luxembourg. The issue volume for the HÖRMANN Industries bond is up to EUR 50 million and the minimum interest rate is 4.500% p.a. The final interest rate will be determined and communicated on 28 May 2019 on the basis of the subscription offers. The bond is expected to be listed in the Open Market of the Frankfurt Stock Exchange and the Nordic ABM segment of the Oslo Stock Exchange.
HÖRMANN Industries GmbH is a corporate group within Germany’s Mittelstand sector of small and medium-sized enterprises, and its four divisions – Automotive, Engineering, Communication and Services – are positioned in promising business areas whose products and services generate high demand in a rapidly changing industrial landscape. The company has been shaping the future for almost 65 years. It increased sales by roughly 20% to EUR 624.1 million in the 2018 financial year, its best since 2008. Operating earnings before interest and taxes (EBIT) improved by 45% to EUR 30.5 million. HÖRMANN Industries closed the 2018 financial year with consolidated net income of EUR 14.6 million, up 60.4%, with all four divisions making a positive contribution to earnings.
Key data regarding HÖRMANN 2019/2024 corporate bond (indicative)
Issue volume: up to EUR 50 million
Conversion deadline: 9 to 23 May 2019, 6:00 p.m. (via principal bank or direct bank)
Conversion deadline: 22 to 28 May 2019, 10:00 a.m. (subject to early closure)
Subscription available through: Frankfurt Stock Exchange, via principal or direct bank
WKN/ISIN: A2TSCH/NO0010851728
Denomination: EUR 1,000
Minimum interest rate: 4.500%
Interest rate (coupon) p.a.: to be announced after the end of the subscription period at the latest;
provisionally scheduled for 28 May 2019
Term: 5 years
Interest payments: annually; first payment on 6 June 2020
Repayment price: nominal value (100%)
Company rating: BB (stable), Euler Hermes Rating GmbH (October 2018)
Covenants: change of control, cross default, negative covenant,
restriction on distribution, restriction on disposal,
restriction on additional borrowing
Type of security: bearer bond under Norwegian law
Trustee: Nordic Trustee AS
Stock exchange segments: Open Market, Frankfurt Stock Exchange
Nordic ABM, Oslo Stock Exchange
Value date/listing: 6 June 2019, listing on Open Market. Pre-issue trading may be possible as soon as one day after the end of the subscription period, if applicable.
