The Gerresheimer AG management board has decided to commence group refinancing ahead of schedule as a result of the current positive market environment and the rating agencies“ upgrade of Gerresheime…
The Gerresheimer AG management board has decided to commence group refinancing ahead of schedule as a result of the current positive market environment and the rating agencies“ upgrade of Gerresheimer“s rating. The company has signed a new syndicated loan agreement with a five-year maturity, which comprises a term loan of EUR 150 million and a revolving credit facility of EUR 250 million. These have been used to repay a bank loan with an original principal of EUR 450 million which was due to mature in 2012/13. Gerresheimer will also be redeeming the EUR 126 million high yield bond (ISIN: XS0213359671) prior to maturity. It plans to issue a new corporate bond in the first six months of 2011. The company has EUR 200 million in a medium term loan available until the new corporate bond is issued. The new financing structure provides us with a lot more flexibility. We want to achieve further profitable growth, so our focus remains on extending our market position as a successful partner to the pharma industry in both the western world and increasingly in emerging markets, comments Hans-Jrgen Wiecha, CFO of Gerresheimer AG. Standard & Poor“s recently upgraded Gerresheimer to an investment grade rating of BBB-. Gerresheimer is an internationally leading manufacturer of high-quality speciality products made of glass and plastic for the global pharma and healthcare industry, with production operations at 44 sites in Europe, North and South America and Asia, revenues of about EUR one billion and 9,500 employees.