Bastei Lübbe AG: Favourable refinancing opportunity seized: Bastei Lübbe AG secures attractive financing conditions for future corporate growth
DGAP-News: Bastei Lübbe AG / Key word(s): Financing
Favourable refinancing opportunity seized: Bastei Lübbe AG secures attractive financing conditions for future corporate growth
Cologne, 5 October 2015. Bastei Lübbe AG (ISIN: DE000A1X3YY0) has leveraged the positive market environment for a strategic repositioning of its Group financing and, at the same time, expanded the framework for additional growth. The Cologne company concluded a syndicated loan for a total volume of EUR 33 million with a renowned syndicate consisting of Commerzbank (book runner), Deutsche Bank and Sparkasse KölnBonn. Bastei Lübbe also secured an option for a further EUR 10 million for possible acquisitions and strategic investments.
The syndicated loan has a term of six years. The company will use the loan for items such as paying back its 11/16 corporate bond of EUR 30 million that matures in October 2016. The renegotiated financing solution entails a highly positive interest effect. Interest expenses are expected to be reduced by around EUR 0.75 million in the 2016/2017 financial year and provisionally by around EUR 1.5 million from the 2017/2018 financial year.
Thomas Schierack, CEO of Bastei Lübbe AG, is extremely pleased with the refinancing: "Receiving a syndicated loan of this amount at these favourable conditions is very strong evidence of our excellent credit standing, and is a validation of our work. We are delighted to have already secured the repayment of the loan for 2016 by concluding this financing agreement, and to be able to boost our liquidity reserves at attractive conditions for ongoing growth in the years ahead."
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|Company:||Bastei Lübbe AG|
|Schanzenstraße 6 - 20|
|Phone:||02 21 / 82 00 - 0|
|Fax:||02 21 / 82 00 - 1900|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart|
|End of News||DGAP News Service|