KUKA successfully places corporate bond

As part of the recently announced realignment of Group financing, KUKA Aktiengesellschaft has successfully placed a high-yield bond with institutional and retail investors in Germany and abroad

12 Tháng Mười Một 2010

The high-yield bond has a total volume of EUR 202 million with a term ending in 2017. It will be issued at 99.3605 % and carries a coupon of 8.750 % p.a. The joint lead managers and book runners of the issuance are Deutsche Bank and Goldman Sachs International.

The proceeds from the high-yield bond will be used for the refinancing of the issued convertible bond, partial repayment of the cash credit line from the previous Syndicated Senior Facilities Agreement (“SFA”) and investments in the development of business operations. Dr. Till Reuter, CEO of KUKA AG: “After successfully strengthening the equity of KUKA, the company has now restructured the liability side of the balance sheet for the long term. We expect savings of around 15 percent in financing costs with the new SFA and corporate bond over the previous financing structure.”

KUKA AG's high-yield bond shall be listed and traded at the Luxembourg Stock Exchange, segment Euro MTF.

The rating agencies Standard & Poor’s and Moody’s gave KUKA AG a long-term corporate credit rating of B and B2 (CFR), respectively. Both ratings are provisional and come with a stable outlook. KUKA AG's first high-yield bond was given an issue rating of B- and B3, respectively.

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