Bühler has accelerated its growth plan and uses the capital market to expand its investment and acquisition capabilities. The company has yesterday successfully raised CHF 420 million through the issue of a dual tranche Swiss franc denominated senior bond (CHF 180 million Tranche A, CHF 240 million Tranche B). “In these times of rapid change we want to seize unique business opportunities and therefore have entered the Swiss franc capital market to financially support our investment and acquisition projects”, says Bühler CEO Stefan Scheiber.
A few strategic decisions have triggered Bühler’s step to access the debt capital market. First, the announced acquisition of the Haas Group, a world market leader in wafer, biscuits and confectionary production systems. “Access to the additional capital allows us to realize the Haas acquisition, while at the same time continuing with our investments for the modernization of the production and logistics facilities and the innovation campus in Uzwil. Sustainable investments in research, development and building a strong digital business model are key in Bühler's tradition as a global technology leader”, says Stefan Scheiber. What’s more, the company wants to be in a financial position that allows for further potential investments. “To maintain long-term full financial flexibility, we have decided to benefit from the current favorable market conditions”, says CFO Andreas Herzog, and adds: “The new liabilities do not change the solid financial position of Bühler”.
The bond issue consists of the following two tranches:
- CHF 180 million bond 2017 – 2022 (Tranche A) with a fixed coupon of 0.1% per annum. The bond was issued at 100.24% and will be repaid on December 21, 2022 at par.
- CHF 240 million bond 2017 – 2026 (Tranche B) with a fixed coupon of 0.6 % per annum. The bond was issued at 100.75% and will be repaid on December 21, 2026 at par.
Payment date of both bond tranches is December 21, 2017. The bonds will be listed on the SIX Swiss Exchange. The bond issue was managed by UBS and significantly oversubscribed.
