- Volume of EUR 150 million placed above expectations
- Interest rate at 5.375 % lower than last issue due to high demand
- Partial repurchase of the 2017 hybrid bond
Vienna, 31 January 2020 – PORR AG has successfully completed the issue of a subordinated bond (hybrid bond), including the upstream partial repurchase of the hybrid bond issued in 2017. In total, a nominal amount of around EUR 25.7 million was repurchased from the hybrid bond issued in 2017. At the same time, a new hybrid bond in the amount of EUR 150 million was placed with national and international institutional investors.
PORR has succeeded in expanding its investor base, optimising interest terms and securing long-term financing through the new hybrid bond. The issue was significantly oversubscribed and the interest rate was fixed at 5.375% at the lower end of the price range issued due to high demand. The new hybrid bond has an unlimited term with the issuer's option of early redemption after five years (hybrid bond).
The proceeds of the issue are intended to be used to strengthen the capital base, to optimize the balance sheet structure and, in particular, to refinance the hybrid bond issued in 2017 and for general corporate and (re)financing purposes. The proceeds of the issue are further 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.
„We are very pleased that we were able to successfully place this new hybrid bond again and that new investors as well as existing ones have expressed their confidence in PORR and our strategy," says Karl-Heinz Strauss, CEO of PORR, delighted with the success of the issue.
For enquiries, please contact:
T +43 50 626-1001
M +43 664 626-1001
For enquiries on the hybrid issue:
Head of Group Treasury
T +43 50 626-1500
Head of Investor Relations and Strategy
T +43 50 626-1763
Head of Media Relations & Digital Communications
M +43 664 626-5698