Comunicato di H&K sul loro sito, uscito il giorno stesso del downgrade
Heckler & Koch expects increased revenue & profit in 2010
Read more 2010 was another successful year.
Close Brothers Seydler Bank mandated with refinancing of high yield bond.
Heckler & Koch is reporting a positive outlook for the results of the financial year 2010 to exceed the results of the previous year.
The audited figures are not yet available, but management expects both revenue and profit to be ahead of 2009 revenue (€ 235 million), and above 2009 EBITA (€ 49 million). The shipments to Mexico currently under investigation did not impact results negatively. Shipments to Mexico have been on average less than 1% of company revenue.
Close Brothers Seydler Bank AG mandated with the preparation of a new corporate bond
Close Brothers Seydler Bank AG (CBSB), Frankfurt, has been mandated by Heckler & Koch GmbH to issue of a new corporate bond in Germany. This will be used to refinance the existing 120 million Euro bond, which matures in July 2011. The process is expected to be completed by the end of the second quarter of 2011.
With regard to fundamental data, the company’s positive business development and the amount of cash reserves available at company level, the volume of the new bond will be below the volume of the existing bond. The total volume is currently estimated to be at 100 million Euros, with a term between five and seven years. The company intends to repay a part of the existing bond with its liquid assets.
The bond is to be offered to institutional investors in Germany and Europe, and will contain a retail element to German private investors. The refinancing of the existing bond and the issuing of a new corporate bond by the company Heckler & Koch GmbH, is a significant element of the future financial structure of the parent company Heckler & Koch Beteiligungs GmbH (HKB), and is unreservedly supported by the parent company.
Today’s downgrade of the company rating by S&P is solely due to the outstanding refinancing of the existing bond. The company expects that leading rating agencies will raise their rating for the company upon completion of the refinancing process.
V.i.S.d.P: HECKLER & KOCH GMBH, Heckler & Koch-Strasse 1, 78727 Oberndorf a.N.
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