THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN
PORR AG is considering the issue of a deeply subordinated bond with an indefinite term and an early redemption option by the issuer after five years (hybrid bond). The final volume of the issue has not yet been fixed and will be determined following an investor roadshow; the issuer targets an issue of a (higher) double-digit million amount (sub-benchmark size). The issue which will be directed exclusively to institutional investors, is expected to be completed in February 2017, subject to the development of the markets in the coming weeks. A retail offer will not take place.
The proceeds of the issue are intended to support the overall growth strategy, in particular the PORR acquisition strategy, which assumes further small and medium-sized company acquisitions in the coming periods due to the ongoing consolidation process in the construction sector. Hence, the capital base shall be strengthened and the balance sheet structure shall be further optimized.
HSBC Bank plc was mandated as sole structuring advisor and sole bookrunner.
This announcement does not constitute or form part of any prospectus or offering document or solicitation or invitation of any offer to exchange for or to buy any securities; neither does it constitute a financial analysis or advice or recommendation regarding any financial instruments. In line with foreign securities laws, particularly the US Securities Act of 1933, as amended ("Securities Act"), securities have not been registered and will not be registered with foreign securities authorities and in particular may not be offered or sold in the United States of America ("USA") without registration or an exemption from the registration requirements of the Securities Act. This announcement may not be disseminated in and/or within the USA, Australia, Canada or Japan or any other jurisdiction in which the distribution or dissemination may be unlawful and may not be distributed or forwarded to publications that are widely available in the USA.
Christian B. Maier, CFO
Tel.: +43 50626-1009
E-Mail: christian.maier@ porr.at
PORR AG: PORR considers the issue of a subordinated bond (hybrid bond)
Public disclosure of inside information according to article 17 MAR