Bielefeld. GILDEMEISTER Aktiengesellschaft is in the process of offering a seven year fixed rate bond with a size of approx. Euro 175 million. The bond rating of B2 / B- by Moody´s and Standard & Poor’s reflects the subordinated structure of the bond. A European roadshow to present the issue to institutional investors has started. The transaction is scheduled to be completed by mid July.
In order to further improve its financial structure, GILDEMEISTER is raising debt in the capital markets following its recent successful capital increase. Together with the bond issue, the company is expecting to extend three years an existing syndicated loan in the amount of Euro 140 million. Both measures will help to strengthen the financial position, increase the financial flexibility and improve the financial structure of the company.
GILDEMEISTER was able to further improve its business during the first six months of 2004 and to increase order-intake by more than 10% compared to the corresponding period in the previous year. During the second quarter order-intake increased to a level significantly above the first quarter (Euro 241.0 million). GILDEMEISTER is expecting to publish current results on Aug, 5, 2004.
The Executive Board