Business news for the stock market
Wienerberger AG: Wienerberger secures liquidity reserves up to 2019
Vienna
(pta010/21.11.2014/11:10 UTC+1)
- New revolving Eur 400 million credit line replaces previous revolving credit lines
- Strong interest by banks
- Financial discipline remains top priority for Wienerberger
Wienerberger AG today announced the conclusion of a new revolving credit line with a volume of Euro 400 million. It has a term extending to November 2019, replaces the previous facility and provides ongoing financing for general corporate purposes. The strong interest led to an increase in the volume from the originally planned Euro 350 million to Euro 400 million. The bank consortium includes 10 banks under the direction of the long-standing partners Danske Bank A/S, Raiffeisen Bank International AG and UniCredit Bank Austria AG.
Financing costs optimized through improvement in conditions
"The banking sector has stabilized significantly in recent years. Banks are again playing a stronger role in corporate financing with attractive conditions, and we were able to take advantage of these favorable and improved terms. I see this as a further step towards creating an even more balanced financing profile and a sign of the good cooperation with our core banks", commented Heimo Scheuch, Chief Executive Officer of Wienerberger AG, on the importance of this new credit line as part of the company's financing strategy. In addition, he explained: "Wienerberger had a previously arranged Euro 250 million credit line, and the Pipelife acquisition added a further Euro 100 million credit line. In the sense of integration and, above all, to optimize our financing costs, we have replaced these two lines with the new Euro 400 million revolving facility. That will give us a suitable liquidity cushion for our strongly seasonal business at even better conditions than before. Our existing covenants remain unchanged." In conclusion, Heimo Scheuch emphasized: "Financial discipline and the protection of a strong capital structure remain a central element of our corporate strategy, whereby we also want to hold the ratio of net debt / operating EBITDA below 2.5 at year-end in the future."
Wienerberger Group
Wienerberger is the world's largest producer of bricks (Porotherm, Terca) as well as number one on the clay roof tile market (Koramic, Tondach) in Europe and on the concrete paver market (Semmelrock) in Central-East Europe. In pipe systems (Steinzeug-Keramo ceramic pipes and Pipelife plastic pipes), the company is one of the market leaders in Europe. With 209 plants, Wienerberger generated revenues of Euro 2,663 million and operating EBITDA of Euro 267 million in 2013.
For additional information contact:
Karin Steinbichler, Head of Corporate Communications Wienerberger AG
T +43 1 601 92 - 10149 | communication@wienerberger.com
Klaus Ofner, Head of Investor Relations Wienerberger AG
T +43 1 601 92 - 10221 | investor@wienerberger.com
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Wienerberger AG is a pure free float company, whereby the majority of shares are held by Austrian and international institutional investors. Additional information on the shareholder structure is provided under http://www.wienerberger.com/investor-relations/the-wienerberger-share/the-wienerberger-share/shareholder-structure.
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Emitter: |
Wienerberger AG Wienerbergstraße 11 1100 Wien Austria |
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Contact Person: | Karin Steinbichler | |
Phone: | +43 1 60192-10149 | |
E-Mail: | communication@wienerberger.com | |
Website: | www.wienerberger.com | |
ISIN(s): | AT0000831706 (Share) | |
Stock Exchange(s): | Vienna Stock Exchange (Official Trade) |