Bilfinger successfully completes refinancing

June 07, 2019

  • Refinancing of €500 million bond issue maturing in December 2019
  • New €250 million bond issue successfully launched on the capital market
  • Additional funds from loan notes and existing liquidity

Bilfinger has successfully refinanced the €500 million corporate bond issue maturing in December 2019. It will be paid back out of existing liquidity and various refinancing sources. After issuing over €100 million in loan notes in the last few months, Bilfinger has now launched a new bond issue on the capital market for €250 million.

Christina Johansson, Bilfinger CFO: “The successful refinancing testifies to investors’ confidence in our company. We have combined a variety of financing instruments of different maturities and targeting different investors. In that way, we take advantage of this diversified financing strategy. This demonstrates that we can successfully operate in various sectors of the capital market.”

The newly launched €250 million bond issue has a 4.5% coupon, a yield of 4.625% and a fiveyear term ending 2024. The significantly oversubscribed bond issue was purchased by national and international institutional investors and underwritten by a banking syndicate comprising Commerzbank, Deutsche Bank and HSBC. The bond issue is listed on the regulated market of Luxembourg Stock Exchange. Rating agency Standard & Poor’s currently assigns Bilfinger a BB rating with a stable outlook.

Bilfinger also received €128 million in additional liquidity in April 2019. This resulted from the repayment of a deferred purchase price amount. The deferral was granted to what is now Apleona when the Building and Facility business was sold in 2016.