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Stuttgart. Porsche Financial Services, Inc. headquartered in Atlanta, Georgia, has issued a new ABS bond in the USA worth approximately 690 million US dollars. Porsche Financial Services is an indirect wholly owned subsidiary of Dr. Ing. h.c. F. Porsche AG. Just as with the transactions placed in 2011 and 2012, the private placement received top grades from the rating agencies, and in comparison to other benchmark issuers it achieved a very low credit spread. The average coupon rate is well below one percent. Lutz Meschke, Chief Financial Officer of Porsche AG said: “The further increased demand from existing investors and the attraction of new investors is mainly attributable to the steady confidence in Porsche as an issuer of ABS bonds and to the outstanding quality of the underlying lease portfolio.” The investors who purchased the ABS bond were insurance companies, pension funds, banks, asset managers, and corporations.
”The successful placement right after the end of the US fiscal crisis and the repeated significant oversubscription underscore the importance of Porsche as a well-established player in the ABS bond market,” Mr. Meschke added. Given this positive response, Porsche Financial Services intends to continue its refinancing strategy with further private placements in the US bond market. The transaction was supported by J.P. Morgan, Barclays Capital, and Société Générale as book runners and Deutsche Bank as co-manager.
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|Hans-Gerd Bode||Director Communications|
|Achim Schneider||General Manager Corporate Press|
|Matthias Rauter||Human Resources and CSR|
|Julia Pirlich||Local Press Leipzig|
|Lukas Kunze||Sales and Production Stuttgart|
|Helga Ohlhäuser||Lifestyle Communication and Public Media|
|Eberhard Scholl||Local Press Stuttgart|
|Frank Scholtys||Head of Financial Press and Investor Relations|
|Roman Tancar||Financial Press and Investor Relations|
|Christian Weiss||Porsche Design|
|Thomas Becki||Head of Product and Technical Communications|
|Hermann-Josef Stappen||Technical Communications|
|Elena Marciniak||Model Range: 911, Boxster/Cayman|
|Tim Bravo||Product Communications|
|Holger Eckhardt||Motorsport WEC/LMP1|
|Thomas Hagg||Model Range: Panamera, Cayenne, Macan|
|Oliver Hilger||Motorsport Communication GT|
|Nicole Lay||Porsche Museum|
|Andreas Schönhuber||Test Vehicles|
|Achim Stejskal||Head of Porsche Museum|
|Dieter Landenberger||Historical Archive|
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* These data were obtained using the Euro 5 measurement method (715/2007/EC and 692/2008/EC) in the NEDC (New European Driving Cycle) with standard equipment. The information does not refer to an individual vehicle and is not part of the offer, but is simply provided so that comparisons can be made between different types of vehicle. Further, up to date information on the individual vehicles can be obtained from your Porsche Centre.
Consumption figures were obtained on the basis of standard equipment. Special equipment may affect consumption and performance.