Maintal, Germany, 1 August 2016
“By issuing this promissory note, we are increasing the flexibility of our corporate financing and at the same time optimizing our costs. We are taking advantage of the current low interest rate, improving our maturity structure and reducing currency risks,” said Dr. Michael Schneider, CFO of NORMA Group. “The substantial oversubscription confirms investor confidence in our long-term strategic direction. The improved financing structure enables us to create a solid basis for further profitable growth.”
The issue volume of EUR 150 million is divided into four euro tranches and four US dollar tranches. The promissory note is equipped with both fixed interest rates and floating rate tranches. The terms include five, seven and ten years. The transaction was accompanied by Helaba Landesbank Hessen-Thüringen Girozentrale (Helaba) and ING Commercial Banking Germany (ING).
NORMA Group had previously placed promissory notes in the amount of EUR 209 million in August 2014 and in the amount of EUR 125 million in July 2013.