Jenoptik has successfully placed a 5 resp. 7 year promissory note on the market. The transaction attracted a great deal of interest from domestic and foreign investors and the issue was more than three times oversubscribed. The volume was consequently increased from 50 million euros to 90 million euros. The higher volume now allows Jenoptik to rearrange its financing. Commerzbank Aktiengesellschaft and Landesbank Hessen-Thüringen Girozentrale acted as advisers for this transaction.
With the issue of the promissory note Jenoptik has secured the medium to long-term maturity of its financing structure. The proceeds generated by the transaction are to be used for the early repayment of the existing guaranteed loans as well as other loans due within the next twelve months. Furthermore, as a result of the lower interest rate on the promissory note the Jenoptik Group-s interest expenses will reduce in the next fiscal year.
“The promissory note will help to secure the Jenoptik Group-s continued growth, financial flexibility as well as its stability. This ensures the basic financing for the operative business over the next five years. In addition, the attractive terms of the promissory note reflect the financial strength of the Jenoptik Group and the confidence of investors in its further development,” said Jenoptik Chief Financial Officer Frank Einhellinger.
The promissory note is made up of four tranches, two with a term of 5 years and 2 with 7 years, each with a fixed resp. variable interest rate. As a result of the strong demand the interest rates on the four tranches could be set at the lower end of the marketing ranges. For example, the coupon interest rate set for the fixed 5-year range is 3.767 percent.
As an integrated optoelectronics group Jenoptik operates in the five divisions Lasers & Material Processing, Optical Systems, Industrial Metrology, Traffic Solutions and Defense & Civil Systems. Its customers around the world mainly include companies in the semiconductor and semiconductor equipment manufacturing industry, automotive and automotive supplier industry, medical technology, the security and defense technology industry as well as the aviation industry.
The Group was created out of the former Kombinat VEB Carl Zeiss Jena in 1991, as a result of the German reunification. The Jenoptik Group headquarters are in Jena (Thuringia). In addition to several major sites in Germany Jenoptik is represented in nearly 70 countries. JENOPTIK AG is listed on the Frankfurt Stock Exchange and included in the TecDax index. Jenoptik employs around 3,000 people and generated sales of approx. 510 million euros in 2010.
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