Bietigheim-Bissingen, December 14, 2020 – Dürr AG has successfully issued its third sustainability-oriented Schuldschein loan. With the proceeds of € 200 million, Dürr AG was able to complete the refinancing of financial liabilities due in the coming year ahead of schedule, after it had already issued a convertible bond for € 150 million in September. As was the case with the two Schuldschein loans issued previously, the interest rate is again linked to the Dürr Group’s sustainability rating. The average interest rate is 2.0%, thus significantly lower than for comparable financing instruments. The proceeds of € 200 million will accrue to Dürr AG in January 2021 and therefore have no effect on the net financial position at the end of 2020.
The Schuldschein loan is divided into tranches with maturities of up to 10 years, with the average maturity being 6.25 years. The issuance will be used to refinance a € 300 million corporate bond repayable in April 2021. Dietmar Heinrich, CFO of Dürr AG: “We were able to close the current refinancing round early and secure our long-term financing on favorable terms. We therefore continue to have a solid liquidity position and, in addition, a balanced maturity profile. This will allow us to fully focus on our operational business and the growth opportunities following the corona pandemic.”
The Schuldschein loan was subscribed by major international banks as well as by regional savings and cooperative banks. In addition to Dürr AG’s good credit quality, the sustainability component associated with the Schuldschein loan was also attractive to investors. The interest rate drops or rises depending on whether the Dürr Group’s sustainability rating improves or decreases. The rating, prepared by the EcoVadis agency, takes into account, for example, key sustainability figures such as CO2 emissions and water consumption, but also aspects such as fair working relationships as well as conditions at suppliers. CFO Dietmar Heinrich: “More and more investors are placing emphasis not only on economic performance but also on sustainable management. We want to live up to this expectation. Sustainability is an important strategic guiding principle for the further development of our company – whether in product innovations, acquisitions or financing.”
The lead arrangers were DZ BANK AG, LBBW and UniCredit Bank AG. The Schuldschein loan was in part issued via the DEBTVISION digital platform. Dürr AG received legal support from the Freshfields Bruckhaus Deringer law firm.