BESSENBACH, Germany — SAF-HOLLAND SE, one of the world’s leading suppliers of trailer and truck components, announced it has successfully placed a promissory note transaction with a volume of €105 million via its subsidiary SAF-HOLLAND GmbH.
The tranches of the promissory note have both fixed and variable interest rates with maturities of three, five and seven years. The entire volume was allocated with interest rates at the lower end of the respective marketing range. Valuta has been today, June 13, 2023.
The issue contributes to the optimization of borrowing costs, the maturity profile as well as the further broadening of SAF-HOLLAND Group’s investor base.
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The proceeds of the issue are earmarked for the refinancing of existing bank debt, raised during the acquisition of Haldex AB.
Frank Lorenz-Dietz, CFO of SAF-HOLLAND SE, commented on the successful placement: “The promissory note placed today demonstrates the high level of confidence that SAF-HOLLAND enjoys as a borrower with promissory note investors. We were able to secure very advantageous financing costs, which will become even more attractive as we continue to reduce our leverage, i.e. the ratio of net financial debt to EBITDA. The proceeds from the issue strengthen our financial flexibility and are an important building block in our long-term financing strategy.
The transaction was accompanied by Landesbank Hessen-Thüringen Girozentrale as Sole Lead Arranger. Noerr LLP acted as legal advisor to SAF-HOLLAND GmbH.
