- Target volume of EUR 135m achieved
- Coupon fixed at 9.5%
- Sustainable equity ratio of over 20% ensured
- Repurchase offer for existing hybrid bonds runs until 1 February 2024
Vienna, 30.01.2024 - PORR is starting 2024 with the successful issue of a new hybrid bond. PORR has successfully issued a deeply subordinated bond to refinance its 2020 and 2021 hybrid bonds, which are repayable for the first time in February 2025 and November 2026 respectively.
As part of its proactive financial strategy, PORR is acting with foresight and is already starting the refinancing of the existing hybrid bonds 2020 and 2021 a year in advance. "With the tailwind of our positive corporate development and the expected good result for 2023, we can now take this important step towards securing our equity structure in the long term. We have easily reached our target volume and thus ensure planning security for the next five years", says Karl-Heinz Strauss, CEO of PORR.
With the early, scheduled refinancing of EUR 135m, PORR is creating the basis for a sustainable equity ratio of over 20%. Due to the reduced volume compared to the previous hybrid bonds, the new issue will only have a minimal impact on earnings per share despite the higher coupon. Depending on the repurchase rate for the existing hybrid bonds 2020 and 2021, the short-term impact on earnings per share will also remain extremely low.
This communication is not a prospectus and constitutes neither an offer to sell nor a solicitation to buy or subscribe for securities nor a financial analysis or advice or recommendation relating to financial instruments. The securities have not been and will not be registered under any foreign securities laws, including the U.S. Securities Act of 1933, as amended, with any foreign securities authority and may not be offered or sold in the United States of America ("USA") absent registration or an exemption from the registration requirements of the Securities Act. This communication is not for distribution in or into the United States, Australia, Canada or Japan or any other jurisdiction in which the distribution or dissemination would be unlawful and must not be distributed or forwarded to publications with a general circulation in the United States.
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