Capital/Financing Update • Apr 15, 2011
Capital/Financing Update
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Media | 15 April 2011 11:55
GEA Group Aktiengesellschaft: GEA successfully issues EUR 400m corporate bond
GEA Group Aktiengesellschaft / Key word(s): Finance/
15.04.2011 / 11:55
GEA successfully issues EUR 400m corporate bond
Düsseldorf, April 15, 2011 – GEA Group Aktiengesellschaft successfully placed a EUR 400 million bond on Thursday. The bond, which was issued in EUR 1,000 denominations, has a five-year term and a fixed coupon of 4.25 percent. With a reoffer price of 99.656 percent the bond had a yield of 4.328 percent upon issuance. GEA Group Aktiengesellschaft is rated as investment grade at Baa3/stable by Moody's and BBB-/stable by Fitch; the bond will also be rated by these agencies. The bond will be traded on the regulated market of the Luxembourg Stock Exchange.
The bond was placed with both institutional investors and retail intermediaries in Germany and other European countries. The order book was significantly oversubscribed. In the run-up to the issue, GEA Group Aktiengesellschaft held presentations to potential bond investors in the course of a three-day roadshow in Munich, Frankfurt, London, and Paris. GEA intends to use the proceeds of the issue primarily to refinance its latest acquisitions, Convenience Food Systems (CFS) and Bock Kältemaschinen.
'The bond issue has again significantly improved GEA's debt structure,' said Jürg Oleas, Chairman of the Executive Board of GEA Group Aktiengesellschaft. 'The high level of interest in the bond underlines the trust that the capital markets have in our Company. The bond secures long-term funding at attractive conditions for GEA and at the same time further diversifies our lender base.'
Commerzbank, Deutsche Bank, and UniCredit Bank acted as joint lead managers of the bond placement.
GEA Group Aktiengesellschaft is one of the largest suppliers of process technology and components for the food and energy industries. As an international technology group, the Company focuses on sophisticated production processes. In 2010, GEA generated consolidated revenues in excess of EUR 4.4 billion, 70 percent of which came from the food and energy sectors, which are long-term growth industries. The group employed over 20,000 people worldwide as of December 31, 2010. GEA Group is a market and technology leader in its business areas. It is listed in Germany's MDAX stock index (G1A, WKN 660 200).
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End of Media Release
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| Language: | English |
| Company: | GEA Group Aktiengesellschaft |
| Dorstener Straße 484 | |
| 44809 Bochum | |
| Deutschland | |
| Phone: | +49 (0)234 980-0 |
| Fax: | +49 (0)234 980-1004 |
| E-mail: | [email protected] |
| Internet: | www.geagroup.com |
| ISIN: | DE0006602006 |
| WKN: | 660200 |
| Listed: | Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, München; Freiverkehr in Hannover, Stuttgart |
| End of News | DGAP-Media |
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| 120157 15.04.2011 |
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