WITTENSTEIN SE has placed its first promissory note loan on the financial market. Demand from investors was so high that the order book has been substantially oversubscribed. The total volume of the promissory note loan has consequently been raised from the 40 million euros originally planned to a total of 82 million euros. The loan will be used for general corporate financing purposes.
Both tranches, with terms of five and seven years respectively, were fixed at the lower end of the marketing margin of the offered credit spreads. Placement was primarily made with German Sparkasse and Genossenschaft banks. The transaction was supported by the Landesbank Baden-Württemberg.
WITTENSTEIN SE Management Board member and CFO Erik Roßmeißl is very satisfied with the outcome: “We are very pleased about the success of our first capital market transaction and the high level of demand for the promissory note loan. The multiple oversubscription of the placement demonstrates the high level of trust which investors have in WITTENSTEIN SE. This external evaluation underlines the high potential and stability which we believe the company has.”
“With the placement of the promissory note loan we have successfully established a further instrument with which to diversify the financing of the WITTENSTEIN Group. It now enables us to finance continued growth on currently attractive conditions and to improve the liquidity cushion,” commented Jochen Wilstermann, Head of Corporate Finance & Controlling at WITTENSTEIN SE.
Both tranches, with terms of five and seven years respectively, were fixed at the lower end of the marketing margin of the offered credit spreads. Placement was primarily made with German Sparkasse and Genossenschaft banks. The transaction was supported by the Landesbank Baden-Württemberg.
WITTENSTEIN SE Management Board member and CFO Erik Roßmeißl is very satisfied with the outcome: “We are very pleased about the success of our first capital market transaction and the high level of demand for the promissory note loan. The multiple oversubscription of the placement demonstrates the high level of trust which investors have in WITTENSTEIN SE. This external evaluation underlines the high potential and stability which we believe the company has.”
“With the placement of the promissory note loan we have successfully established a further instrument with which to diversify the financing of the WITTENSTEIN Group. It now enables us to finance continued growth on currently attractive conditions and to improve the liquidity cushion,” commented Jochen Wilstermann, Head of Corporate Finance & Controlling at WITTENSTEIN SE.
