Jena, Germany--Jenoptik has placed a five resp., seven-year promissory note on the market, attracting a great deal of interest from domestic and foreign investors. The volume consequently increased from €50 million to 90 million, allowing the company to rearrange its financing.
The promissory note enables Jenoptik to secure medium- to long-term maturity of its financing structure. The proceeds generated by the transaction are to be used for the early repayment of the existing guaranteed loans as well as other loans due within the next 12 months. And the promissory note's lower interest rate will reduce the company's interest expenses in the next fiscal year.
The promissory note is made up of four tranches, two with a term of five years and two with seven years, each with a fixed resp. variable interest rate. As a result of strong demand, the interest rates on the four tranches could be set at the lower end of the marketing ranges. For example, the coupon interest rate set for the fixed five-year range is 3.767%.
Commerzbank Aktiengesellschaft and Landesbank Hessen-Thüringen Girozentrale acted as advisers for the transaction.
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