The owners of the high-yield bond from Heidelberger Druck will get their money back earlier than expected: The company announced today “on 09.09.2020, the remaining amount of 150 million euros of the existing high-yield bond with a term until 2022 including accrued interest will be repaid ahead of time”. By repaying the bond early, Heidelberger Druck will save future financing costs of 12 million euros per year.
The early repayment is financed from available cash. For this purpose, Heidelberger Druck is using funds that have been released from the new pension obligations and the sale of the Gallus Group at the end of July 2020. “We are keeping our word and are implementing the measures announced in our program presented in March to increase profitability, competitiveness and safeguarding the future with all consistency and speed,” says Marcus A. Wassenberg, CFO of Heidelberg.
“This also gives us the freedom to invest and shape our future,” says Rainer Hundsdörfer, CEO of Heidelberg.