HOME

Main navigation
Models
911

July - September

Porsche issues a 500 million euro promissory note (Schuldscheindarlehen)Investors show strong demand for Porsche refinancing

Stuttgart. With a 500 million euro promissory note benchmark transaction,
Dr. Ing. h.c. F. Porsche AG was able to repeat its successful placement of the promissory note of 2011. Due to the high interest of investors, Porsche was able to realise a substantial oversubscription of the initial volume of 200 million euro.

“We are delighted that we could repeat the success of the previous year. The overwhelming demand of investors was even considerably above our internal limit of 500 million euro. That shows a clear testimony to the strength of the Porsche brand also in the capital market,” said Lutz Meschke, Member of the Executive Board for Finance and IT of the Zuffenhausen sports car maker. “The promissory note is an important instrument in order to reduce Porsches’ interest expenses. The inflows from this placement will be completely used for the repayment of a high-yield U.S. dollar bond. Hence the promissory note we have issued is a component of our strategy of decreasing the interest expenses of Porsche AG and to further reduce the level of net debt in the automotive business”, Mr. Meschke explained further on.

The promissory note was arranged by Landesbank Baden-Württemberg and UniCredit Bank AG in four tranches with fixed and variable interest rates and maturities of four and six years. The investors, mainly from Germany, were Cooperative banks (Volksbanken), savings banks, Federal State banks and institutional banks as well as asset management firms.

GO

7/12/2012