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Berentzen-Gruppe AG
Capital/Financing Update • Jan 9, 2017
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Capital/Financing Update
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Corporate | 9 January 2017 09:45
Berentzen-Gruppe Aktiengesellschaft: Berentzen-Gruppe Aktiengesellschaft secures early refinancing of its corporate bond
DGAP-News: Berentzen-Gruppe Aktiengesellschaft / Key word(s): Financing/Bond
09.01.2017 / 09:45
The issuer is solely responsible for the content of this announcement.
**P R E S S R E L E A S E
No. 2/2017**
Approved for immediate release
Berentzen-Gruppe Aktiengesellschaft secures early refinancing of its corporate bond
– The Berentzen Group exploits the favourable financing environment to replace the corporate bond (EUR 50.0 million) maturing in October 2017 by a syndicated loan arranged by Deutsche Postbank AG as consortium leader
– After repayment of the corporate bond, the volume of borrowing was just about halved to EUR 25.5 million in line with needs
– CFO Ralf Brühöfner anticipates a significant decrease in the annual financing costs from autumn 2017 onwards with the associated positive effects on cash flow and financial performance
Haselünne, 9 January 2017 – Berentzen-Gruppe Aktiengesellschaft, which is listed on the regulated market (General Standard) of the Frankfurt Stock Exchange (ISIN: DE0005201602), is making use of the company’s strong performance and the favourable financing environment to obtain premature refinancing. Just under ten months prior to the repayment date of its corporate bond (ISIN: DE000A1RE1V3), the Berentzen Group is safeguarding its financing needs by means of a syndicated loan with a volume of EUR 25.5 million.
The corresponding financing agreement with the banking syndicate led by Deutsche Postbank AG was signed on 21 December 2016. “I am very satisfied with this outcome. We had shortlisted several options for our refinancing plans. The recently signed syndicated loan with a term of five years permits us to achieve two goals at once: the long-term security of our financing and attractive terms”, explains Ralf Brühöfner, CFO of Berentzen-Gruppe Aktiengesellschaft.
On account of its excellent cash-flow situation, the Group only needs to cover around half the nominal amount of the corporate bond due in October 2017 with external refinancing. The other half will be repaid from existing own funds. The injection of cash from the 2012 bond issue was used by the Berentzen Group to finance company acquisitions and to expand its own business, but not all of that amount was needed. For example, the net payment in connection with the acquisition of T M P, a specialist in fresh juice systems based in Austria, in autumn 2014 only came to around EUR 15.5 million.
The Berentzen Group issued a corporate bond for the first time in October 2012; it had an issue volume of EUR 50.0 million and a five-year maturity. The bond was designed for private and institutional investors alike and paid an annual coupon of 6.5%. Thanks to the refinancing transaction that has now been completed with a reduced volume, the Berentzen Group is expected to be able to reduce its annual financing costs by more than two million euros from October 2017 onwards, which is more than half. “We anticipate a significant reduction in borrowing costs with correspondingly significant postive effects – not only on our cash flow but, of course, also on our financial performance and thus, ultimately, on our equity”, says CFO Ralf Brühöfner.
About the Berentzen Group:
The Berentzen Group is a broad-based beverage company operating in the following three segments: Spirits, Non-alcoholic Beverages, and Fresh Juice Systems. The Berentzen Group is one of the oldest producers of spirits in Germany with a corporate history going back over 250 years. Today, it has a presence in more than 60 countries around the world with well-known brands like Berentzen and Puschkin and attractively priced private label products. In its Non-alcoholic Beverages segment, the corporate group produces mineral waters, carbonated and non-carbonated soft drinks under its own brands and also boasts more than 50 years of experience in the franchise business for soft drinks, currently acting as franchisee for the Sinalco brand. In addition, the Berentzen Group markets innovative fresh juice systems under the Citrocasa brand in its third segment, thus serving the fast-growing market for modern, health-oriented drinks. The Berentzen-Gruppe Aktiengesellschaft share (ISIN DE0005201602) is listed on the regulated market (General Standard) of the Frankfurt Stock Exchange.
For more information
Berentzen-Gruppe Aktiengesellschaft
Antje Schwindeler
Press and PR
Tel. +49 (0)5961-502215
09.01.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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| Language: | English |
| Company: | Berentzen-Gruppe Aktiengesellschaft |
| Ritterstraße 7 | |
| 49740 Haselünne | |
| Germany | |
| Phone: | +49 (0)5961 502-0 |
| Fax: | +49 (0)5961 502-550 |
| E-mail: | [email protected] |
| Internet: | www.berentzen-gruppe.de |
| ISIN: | DE0005201602, DE000A1RE1V3, |
| WKN: | 520160, A1RE1V |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |