DGAP-News: Rickmers issues bond of up to EUR200 million
(firmenpresse) - DGAP-News: Rickmers Holding GmbH&Cie. KG / Key word(s): Bond
Rickmers issues bond of up to EUR200 million
15.05.2013 / 08:02
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Rickmers issues bond of up to EUR200 million
- Coupon range between 8.5 and 9.125 percent p.a.
- Subscription period from 27 May to 7 June 2013 (12:00)
- Proceeds to serve growth and refinancing in equal proportion
Hamburg, 15 May 2013 - Rickmers Holding GmbH&Cie. KG, parent of the
Rickmers Group of shipping companies, intends to issue a corporate bond of
up to EUR200 million at an annual coupon between 8.5 percent and 9.125
percent. The notes have a maturity of five years and are expected to be
traded from 11 June 2013 in the Freiverkehr of the Frankfurt Stock Exchange
(Open Market, Entry Standard) with participation in the Prime Standard for
Corporate Bonds. The subscription period starts 27 May and is expected to
run until 7 June 2013 at 12:00.
Access to capital markets: Financing growth, meeting liabilities
'Rickmers Holding is a diversified shipping enterprise that has managed to
secure profit in the face of the difficult market environment in the past
few years. We have over the last two years built new capabilities,
strengthened our management team and begun to position the Group to take
advantage of the opportunities that will come as the shipping industry
begins to move towards recovery,' says Ronald D. Widdows, CEO Rickmers
Holding.
'The shipping industry is in a phase of consolidation, and we are looking
to play an active role in this market consolidation,' says Bertram R. C.
Rickmers, founder and sole shareholder of the Rickmers Group.
'A structural change is taking place in the way shipping companies will be
able to finance their businesses. The traditional sources of equity and
debt financing that existed for many years, particularly in the German Ship
Owning community that built a large percentage of the world container
fleet, are no longer available, so positioning to attract new investors,
and access new sources of financing is critical', says Mr. Widdows.
'Access to the capital market is one of the key factors for the future
market position of a shipping company. In the past few years, we have
aligned our internal structures to be fit for the capital market and now,
with the bond, we're taking the next step in corporate financing,' explains
Dr. Ignace Van Meenen deputy CEO and CFO of the Rickmers Group.
Net proceeds from the issue are to be used to finance growth and
investments, and to refinance bank liabilities / refinancing costs.
Growth in revenue and profit
In 2012, the Rickmers Group achieved consolidated revenue of EUR618.3
million (2011: EUR574.3 million). EBIT also rose from EUR90.5 million in
2011 to EUR114.7 million, with net earnings for 2012 improving to EUR22.5
million (2011: EUR13.8 million).
Rickmers - 179 years' family tradition in shipping
Headquartered in Hamburg, Rickmers is a long-established group of companies
in international shipping with a name rich in tradition. The roots of the
enterprise's family tradition in shipping date back to 1834 when Rickmer C.
Rickmers founded the Rickmers yard in Bremerhaven. Bertram R. C. Rickmers
set up the first company that would form the nucleus of the present-day
Rickmers Group in 1982. The corporate group carries the Rickmers flag,
nearly 180 years old and famous throughout the world in the maritime
business.
Today, the Group's spectrum of services ranges from the design,
coordination and monitoring of newbuilds, contracting, arranging of
financing and chartering to the management and operation of its own and
third-party vessels. Additionally, the Group operates Rickmers-Linie, one
of the premier providers of global Breakbulk, Heavy Lift and Project
cargoes liner services.
Key bond details
The bond is to be issued as part of a public offering in Germany,
Luxembourg and Austria as well as via a private placement to investors in
certain other countries. The minimum subscription amount is EUR1,000.
Private investors can subscribe through their bank or investment bank as
well as via the Rickmers' website (www.rickmers.com/investors). The bearer
bond is expected to be listed in the Freiverkehr of the Frankfurt Stock
Exchange (Open Market, Entry Standard) with participation in the Prime
Standard for Corporate Bonds from 11 June 2013. Initial interest payments
are due on 11 June 2014.
Sole Global Coordinator and Sole Bookrunner for the transaction is Close
Brothers Seydler Bank AG, Frankfurt am Main (Germany). Co-lead manager is
TUSK Capital Management Limited, London (UK). The issue is conducted by the
Group's financial advisor Conpair Corporate Finance GmbH, Essen (Germany).
Issue volume: Up to EUR200 million
Subscription period: 27 May to 7 June 2013 (12:00)
Term | due: 5 years | 11 June 2018
Interest (coupon): between 8.5 percent and 9.125 percent
Interest payment: Annually on 11 June, for the first time in 2014
Denomination: EUR1,000
Minimum investment: EUR1,000
WKN | ISIN: A1TNA3 | DE000A1TNA39
Redemption rate: 100 percent of the nominal amount
Type of security: Bearer debenture bond
Stock exchange: Freiverkehr of the Frankfurt Stock Exchange (Open Market,
Entry Standard) with participation in the Prime Standard for Corporate
Bonds
Start of trading: 11 June 2013 (planned)
Corporate rating BB (Creditreform Rating, May 2013)
Further information such as the final terms and conditions of the offer and
the prospectus approved by the Luxembourg securities and markets authority
(Commission de Surveillance du Secteur Financier - CSSF) with notification
issued to the German Financial Services Regulatory Authority (BaFin) and
Austrian Financial Market Authority (FMA) can be obtained from the
company's homepage at www.rickmers.com/investors or from Rickmers' bond
hotline +49 (0)40 609 411 422 (Monday to Friday 9 am to 6 pm).
About Rickmers Group
Headquartered in Hamburg, the Rickmers Group is an established
international provider of services for the maritime industry, vessel owner
and ocean carrier. It is internationally represented with more than 20
offices in eleven countries and over 50 sales agencies worldwide. The
business activities of the Rickmers Group are divided into three segments:
Maritime Assets, Maritime Services and Rickmers-Linie.
With its Maritime Assets segment, the Rickmers Group acts as asset manager
for its own and for third-party vessels, initiates and coordinates vessel
projects, arranges financing and acquires, charters out and sells vessels.
In the Maritime Services business segment, the Rickmers Group provides ship
management for Rickmers Group's own and for third party vessels, including
technical and operational management, crewing, newbuilding supervision and
advisory and insurance-related services. In the Rickmers-Linie business
segment, the Rickmers Group offers global breakbulk, heavy lift and project
cargoes liner services and individual sailings complementing the liner
services.
Press enquiries:
Kirchhoff Consult AG
Sebastian Bucher
T: +49 (0)40 60 91 86 18
F: +49 (0)40 60 91 86 60
E: sebastian.bucher(at)kirchhoff.de
Bond hotline:
T: +49 (0)40 609 411 422 (Mondays to Fridays 9 am to 6 pm)
E: anleihe(at)rickmers.com
Disclaimer
This press release does not represent a sales offer nor a request to make
an offer for the sale or subscription of securities pertaining to Rickmers
Holding GmbH&Cie. KG and is not intended to replace any prospectus. Any
decision to invest in the bond issued by Rickmers Holding GmbH&Cie. KG is
to be based solely on the prospectus approved by the Luxembourg securities
and markets authority (Commission de Surveillance du Secteur Financier-
CSSF) with notification issued to the German Financial Services Regulatory
Authority (BaFin) and Austrian Financial Market Authority (FMA), which is
available on the company's website at www.rickmers.com (>Investor
Relations>Bond) and from the company's head office (Neumühlen 19, 22763
Hamburg). This press release and the information it contains is not
intended to be distributed, directly or indirectly, to or within the United
States of America, Canada, Australia or Japan.
This press release contains forward-looking statements. Forward-looking
statements include all statement that do not describe past details, but
concepts such as 'believe', 'assume', 'expect', 'suppose', 'estimate',
'plan', 'intend', 'could' or similar formulations. These forward-looking
statements are subject to natural risks and imponderables that refer to
future results and to present-day assumptions and estimates of Rickmers
Holding GmbH&Cie. KG that might never occur in the future, or not as
supposed. They do not represent any guarantee of the occurrence of future
results or services of Rickmers Holding GmbH&Cie. KG and the actual
financial situation and the actually achieved results of Rickmers Holding
GmbH&Cie. KG, such as the overall economic development and the legal
framework, can vary considerably from expectations explicitly or implicitly
expressed in future-looking statements and may not fulfil these. Investors
are therefore advised not to rely on the forward-looking statements
expressed here when making any investment decisions with respect to
Rickmers Holding GmbH&Cie KG. Rickmers Holding GmbH&Cie. KG is not
responsible for updating or correcting forward-looking statements expressed
here or to adjust forward-looking statements to future results or
developments.
End of Corporate News
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15.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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