First Sensor AG successfully placed two open-market credits in an aggregate amount of 31.0 million euros. The leading provider of high-quality, customer-specific sensor solutions thereby optimizes its finance structure and refinances its debt. The proceeds of the transactions will be used to repay the syndicated loan entered into in 2011 in its entirety (appr. 29.0 million euros) and offer additional scope of actions to finance the intended growth strategy.
German institutional investors subscribed for the two open-market credits with maturities of three years (19.0
million euros) and five years (12.0 million euros), respectively. The 3-year Schuldschein has a floating interest rate calculated by adding a margin to the relevant six-months EURIBOR. The 5-year open-market credits has a fixed interest rate. The financial covenants comprise a leverage ratio (net financial debt to EBITDA), an equity-to-assets ratio and an interest coverage ratio.
The closing of the transaction is subject to the the funding of the open-market credit by the investors and to market standard conditions precedent. The transaction is scheduled to close in 2013.
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