HÖRMANN Industries considers early refinancing of 2016/2021 corporate bond

HÖRMANN Industries GmbH is considering the early refinancing of its corporate bond that is scheduled to mature in 2021 (German Securities Code Number (WKN): A2AAZG / ISIN: DE000A2AAZG8). This course of action is being examined with a view to the call option for the existing bond that is available from 21 November 2019 at a price of 101.5%. With this in mind, the company is also examining the issue of a new corporate bond in the coming weeks including an exchange offer for investors of the existing bond. HÖRMANN Industries is aiming to secure and further optimise its medium- to long-term financing structure at an early stage in what is a favourable interest rate environment. The decision on the early redemption of the existing bond and the issue of a new bond will be taken on the basis of the market environment and the outcome of discussions with investors and financing partners. The potential refinancing will be supported by Pareto Securities AS and IKB Deutsche Industriebank AG as joint lead managers.

HÖRMANN Industries GmbH also published its 2018 annual financial statements today. In 2018, the HÖRMANN Group generated consolidated sales of EUR 624.1 million (previous year: EUR 521.9 million) and operating EBIT of EUR 30.5 million (previous year: EUR 21.1 million). HÖRMANN Industries closed the 2018 financial year with consolidated net income of EUR 14.6 million, up 60.4% on the previous year (EUR 9.1 million). All four of the Group’s segments made a positive earnings contribution. 

The full 2018 Annual Report can be accessed at https://www.hoermann-gruppe.com/financial-reports/.