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KWS issues promissory note loans in the amount of EUR 400 million
Aug. 28, 2019
KWS SAAT SE & Co. KGaA
GermanyFollow
Germany
KWS SAAT SE & Co. KGaA successfully issued promissory note loans (“Schuldscheindarlehen”) with a total volume of EUR 400 million. In view of the huge demand and the resulting oversubscription, the originally targeted volume was significantly exceeded.The proceeds from the promissory notes serve both for general corporate financing and for the refinancing of the acquisition of the vegetable seed producer Pop Vriend Seeds, which was completed on 1 July 2019.
The volume is divided into fixed and variable tranches with maturities of five, seven and ten years. The average interest over all tranches is around 0.60% p.a. More than 100 investors participated in the promissory notes.
"We are pleased with the great interest of many investors, which we regard as a vote of confidence in our company," said Eva Kienle, CFO of KWS. "This successful financing supports the continuation of our profitable growth strategy and secures us favorable long-term interest rates."
The placement was accompanied by Commerzbank, Deutsche Bank, HSBC, and Landesbank Baden-Württemberg.
Source: KWS
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