- Reduction of financial indebtedness through placement of shares of Schaeffler AG
- Full refinancing of remaining financial obligations
- Sustainable improvement of capital structure
Schaeffler Verwaltungs GmbH, a subsidiary of INA-Holding Schaeffler GmbH & Co KG, announced today its intention to rearrange its external financial indebtedness in an aggregate amount of approximately EUR 3.6 billion in the context of the envisaged placement of Schaeffler AG shares.
It is intended to reduce the financial indebtedness from the application of proceeds of the sale of Schaeffler AG shares and to fully refinance its remaining financial indebtedness. For this purpose, a syndicate consisting of four banks has committed to provide a term loan, a revolving credit facility and a bridge loan which will be taken out by the issuance of new bonds at the level of Schaeffler Holding at a later stage.
All outstanding bonds of Schaeffler Holding Finance B.V. will be redeemed subject to certain financing conditions, including the closing of the share placement. Klaus Rosenfeld, Member of the Executive Board of Schaeffler Verwaltungs GmbH, said: “The envisaged measures are intended to reduce financial liabilities at the level of Schaeffler Holding and improve its capital structure in a sustainable manner.”
