In order to refinance its hybrid bonds 2020 and 2021, which are repayable for the first time in February 2025 and November 2026 respectively, the PORR AG successfully completed the issue of a subordinated bond (hybrid bond), including the partial repurchase of the existing hybrid bonds mentioned above.
In total, a nominal amount of around EUR 135 million was repurchased from the hybrid bonds of 2020 and 2021. At the same time, a new hybrid bond in the amount of EUR 135 million was placed with national and international institutional investors.
The new hybrid bond has an unlimited term with the issuer's option of early redemption after five years.The interest rate was fixed at 9.5%.
A prospectus pursuant to Regulation (EU) 2017/1129 ("Prospectus") has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde ─ FMA). The Prospectus as well as other information on the issuance are available to the investors:
Tender Results Announcement
Prospectus
Bond terms and conditions
Press release: PORR issues new hybrid bond 2024