Duesseldorf, November 10, 2015—Gerresheimer AG, one of the leading partners to the pharma and healthcare industry worldwide, has successfully wrapped up its refinancing with the launch of a debt issue (Schuldschein) for a total amount of EUR 425m. Coordinated by Commerzbank, DZ Bank and Landesbank Baden-Württemberg, the transaction with an initial issue amount of EUR 250m was substantially oversubscribed. Consequently, the total amount was increased to EUR 425m.
The debt issue includes multiple tranches with terms of five, seven and ten years. It features both fixed and variable interest rates. The funds from the debt issue serve to pay back part of the EUR 550m bridge loan taken out by Gerresheimer to finance the Centor acquisition mid-year.
After deducting the proceeds from the debt issue, the outstanding amount of the bridge loan is to be met pro rata out of the Company’s proceeds from the sale of its glass tubing business, which was closed on November 2, 2015 and generated a cash inflow of some EUR 196m.
“The substantial oversubscription, coupled with the strong interest in the longer-dated tranches, demonstrates to us our investors’ confidence in the long-term business performance of our Group,” said Rainer Beaujean, Chief Financial Officer of Gerresheimer AG. “We are pleased that this has enabled us to complete both transactions—the Centor acquisition and the sale of the glass tubing business—as planned before the end of this financial year. It means the Centor bridge loan will be paid back in full as of November 30, 2015.”
Gerresheimer is a leading global partner to the pharma and healthcare industries. The company’s special glass and plastic products contribute to health and well-being. Gerresheimer is a global organization with 11,000 employees and manufacturing operations in the local markets, close to customers. It has over 40 production facilities in Europe, North and South America and Asia generating revenue in excess of EUR 1.3 billion. The comprehensive product portfolio includes pharmaceutical packaging products as well as convenient and safe drug-delivery systems such as insulin pens, inhalers, pre-fillable syringes, vials, ampoules, bottles and containers for liquid and solid pharmaceuticals with closure and safety systems, plus cosmetic packaging products.
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