News

JOST successfully issues its first Schuldschein loan worth EUR 150 million

- Strong demand from institutional investors
- Improved conditions: lower costs, longer maturity, no covenants
- Refinancing accretive to earnings per share
 
JOST Werke AG (“JOST”), a leading global producer and supplier of safety-critical systems for trucks and trailers, has successfully issued its first Schuldschein loan. Due to high demand from institutional investors, the placement was oversubscribed and the total volume was increased from the originally targeted EUR 100 million to EUR 150 million. 

JOST was able to secure an optimal combination of volumes, maturities, financing security and costs. The group was thus able to improve its long-term financing and extend its maturity profile at favorable conditions. The Schuldschein loan with maturities of five and seven years provides JOST with an attractive mix of fixed and floating interest rates without financial covenants.

The group will use the proceeds of the Schuldschein issue to repay existing financial debt. The new financing conditions will be accretive to earnings per share.

In conjunction with the Schuldschein loan, JOST also increased its revolving credit line from EUR 80 million to EUR 150 million.

“The issue of our first Schuldschein loan has been another success for JOST. The strong results in fiscal year 2017 and in the first quarter of 2018 helped us exploit the attractive conditions on the Schuldschein market to our benefit. The lower interest rates and the longer maturity achieved increase our planning security. Moreover, the new revolving credit line gives JOST more flexibility for its future growth,” said Christoph Hobo, Chief Financial Officer (CFO) of JOST Werke AG.

Lars Brorsen, Chief Executive Officer (CEO) of JOST Werke AG, commented: “The new financing offers JOST excellent opportunities and increases our scope of action. I believe that the trust and interest shown by investors reflect the outstanding operational work done by JOST.”

Herter & Co. as debt advisor and law firm Hengeler Mueller supported and advised JOST by this transaction. BNP Paribas, DZ BANK AG and UniCredit Bank AG were Arrangers for the Schuldschein loan. The revolving credit line was provided by the Mandated Lead Arrangers BNP Paribas, Commerzbank AG, DZ BANK AG and UniCredit Bank AG.

Contact:

JOST Werke AG
Romy Acosta
Senior Manager Investor Relations
T: +49 (0)6102 295-379
romy.acosta@jost-world.com

 

About JOST:

JOST is a leading global producer and supplier of safety-critical systems to the truck and trailer industry. The Company offers branded quality products clustered in three systems: Vehicle Interface (focusing on products required to operate a commercial vehicle combination of trucks and trailers such as fifth wheels and landing gears), Handling Solutions (including container technology and hydraulic cylinders products) and Maneuvering (focusing on truck and trailer axles and forced steering). As the number one supplier of fifth wheels and landing gears globally, JOST is the market leader for Vehicle Interface systems. JOST's global leadership position is driven by the strength of its brands, by its long-standing client relationships serviced through its global distribution network as well as by its efficient and asset-light business model. The Company's core brands "JOST", "Rockinger", "TRIDEC" and "Edbro" are well-recognized in the industry and highly regarded for their quality and continuous innovation. With its global distribution network and production facilities in thirteen countries across five continents, JOST has direct access to all major truck and trailer manufacturers and relevant end customers. JOST currently employs about 2,800 staff worldwide.

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