HÖRMANN Industries to issue fourth corporate bond

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HÖRMANN Industries to issue fourth corporate bond

• Issue volume of EUR 50 million; coupon between 6.5% and 7.5% p. a.
• Exchange period for holders of bond 2019/2024 to commence on 16 June 2023
• Subscription period at Deutsche Börse from 21 to 30 June 2023 (early closing possible)
• Early redemption of existing bond 2019/2024

Kirchseeon, 14 June 2023 – Technology specialist HÖRMANN Industries GmbH will issue its fourth corporate bond. The prospectus for the new bond 2023/2028 (ISIN: NO0012938325; WKN: A351U9) was approved today by the Luxembourg securities supervisory authority, Commission de Surveillance du Secteur Financier (CSSF), and notified to the German Financial Supervisory Authority (BaFin).

The new bond will have an issue volume of EUR 50 million, which is to be used to refinance the existing bond 2019/2024 (ISIN: NO0010851728; WKN: A2TSCH).

The new bond is planned to have a term of five years and a coupon of between 6.5% and 7.5% p.a. The final coupon will be fixed – on the basis of the subscription orders received – in the course of the offer period and be announced by way of a pricing decision at the end of the offer period.

The issue will take place in the context of a public offer in Luxembourg and Germany and will comprise a voluntary exchange offer to holders of the existing bond 2019/2024. The voluntary exchange offer is scheduled to commence on 16 June 2023 and to end on 28 June 2023, 18:00 h CET. For each exchanged bond 2019/2024 in the nominal amount of EUR 1,000, holders will receive a new bond 2023/2028 with a principal amount of EUR 1,000 plus an exchange premium of EUR 2.30 per exchanged bond 2019/2024 plus accrued interest. In addition, bondholders participating in the exchange offer will have the option to purchase additional bonds. The company will redeem the existing bond 2019/2024 - unless exchanged for the new bond 2023/2028 - at the latest three months after the issue date of the new bond by exercising the existing call option.

In the context of the public offer, the subscription period via the subscription function of Deutsche Börse is scheduled to run from 21 June 2023 until presumably 30 June 2023, 12:00 CET (subject to early closing). The new bond 2023/2028 will also be offered in Germany, Luxembourg and certain other countries by way of a private placement.

The new bond is expected to be listed on the Open Market of the Frankfurt Stock Exchange. It is also planned to have the new bond listed in the Nordic ABM segment of the Oslo Stock Exchange within six months from the issue date. Pareto Securities AS, Frankfurt Branch, will act as Sole Lead Manager and Bookrunner for the issue.

Established issuer with resilient business model and focus on promising growth segments

“Thanks to its diversified and resilient business model, the HÖRMANN Group has successfully mastered the challenging market environment of the past three years,” says Michael Radke, CEO of HÖRMANN Industries GmbH. “At the same time, we have focused the Group on further promising growth segments characterised by high earnings potential. We are benefiting from a number of megatrends, such as mobility, urbanisation and digitalisation, which bracket our divisions – Automotive, Communication, Intralogistics and Engineering – and encourage us to continue innovating for sustainable business development.”

In the fiscal year 2022, the HÖRMANN Group generated sales of EUR 685.7 million (previous year:EUR 589.8 million) and earnings before interest and taxes (EBIT) of EUR 23.7 million (previous year: EUR 30.0 million). The Automotive and Communication Divisions, as well as the Intralogistics Division, which was established last year, recorded strong sales growth. Despite the difficult economic environment, earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 35.3 million (previous year: EUR 45.3 million). The bottom line was a clearly positive consolidated net profit of EUR 12.2 million (previous year: EUR 14.4 million).

The Group’s equity base amounted to EUR 136.4 million as at 31 December 2022 (31 December 2021: EUR 131.1 million), which corresponds to a comfortable equity ratio of 37.4% (31 December 2021: 38.4%).

“As a family-owned company with more than 60 years of history, we rely on a stable and diversified financing structure. This also includes corporate bonds, which have proven their worth for over 10 years,” says Johann Schmid-Davis, CFO of HÖRMANN Industries GmbH. “As a recognised and established issuer, we are once again offering our existing and new bondholders the opportunity to participate in the successful expansion of our growth segments and the sustainable further development of our business model while benefiting from the attractive interest rate of the HÖRMANN bond 2023/2028.”

The prospectus is available for download at https://www.hoermann-gruppe.com/en/investor-relations/ and https://www.bourse.lu.

 

Key data of the HÖRMANN corporate bond 2023/2028

Issuer Hörmann Industries GmbH, Kirchseeon Issue volume (target volume) EUR 50,000,000 ISIN / WKN NO0012938325, WKN: A351U9 Coupon 6.5% to 7.5% p.a. Issue price 100% Nominal amount / denomination EUR 1,000 Interest payment Annually, first on 11 July 2024 Term Five years, 11 July 2023 to 11 July 2028 Redemption Due on 11 July 2028 at the nominal amount (100% of the nominal amount) Early redemption Optional redemption right of the issuer, permissible after three years from the issue date and in other cases; see terms and conditions of the bond for further details. Status Not subordinated, unsecured Covenants E.g. compliance with leverage ratios; see terms and conditions of the bond for further details. Trustee Nordic Trustee AS Stock exchange segment Open Market of the Frankfurt Stock Exchange; Nordic ABM of the Oslo Stock Exchange within six months from the issue date. Offer structure Public exchange offer in the Federal Republic of Germany and the Grand Duchy of Luxembourg to holders of the existing bond 2019/2024 including option to purchase
Public offer in the Federal Republic of Germany and the Grand Duchy of Luxembourg via the DirectPlace subscription function of Deutsche Börse AG
Private placement in the Federal Republic of Germany and the Grand Duchy of Luxembourg and in certain other countries Issue/value date 11 July 2023 Sole Lead Manager Pareto Securities AS, Frankfurt Branch

 

About the HÖRMANN Group

The HÖRMANN Group has grown steadily since its formation in 1955. HÖRMANN Holding GmbH & Co. KG is the parent company of more than 30 subsidiaries operating in the Automotive, Communication, Intralogistics and Engineering segments with a high degree of entrepreneurial initiative and independence. The HÖRMANN Group aims to offer its customers specific solutions and services that provide clear benefits and economic advantages. To achieve this, the HÖRMANN Group harnesses all of the broadly diversified and connected knowledge of its workforce of around 2,950 highly qualified employees across a wide range of technology areas.

www.hoermann-gruppe.com

 

Contact:

HÖRMANN Industries GmbH
Hauptstr. 45-47
D-85614 Kirchseeon
T +49 8091 5630 0
F +49 8091 5630 195
info@hoermann-gruppe.com

Financial and business press:

IR.on AG
Frederic Hilke, Jonas Schneider
T +49 221 9140 97 18
hoermann@ir-on.com

DISCLAIMER

This announcement does not constitute an offer to purchase securities of Hörmann Industries GmbH and is not a substitute for a securities prospectus. An investment decision regarding the bonds of Hörmann Industries GmbH must be made exclusively on the basis of the prospectus approved by the Luxembourg securities supervisory authority (Commission de Surveillance du Secteur Financier - CSSF), notified to the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) and published on the company's website at https://www.hoermann-gruppe.com/en/investor-relations/. This announcement and the information contained herein are not for distribution, directly or indirectly, in or into the United States of America, Canada, Australia or Japan.