Ad-hoc-Announcement:
Pfleiderer secures long-term financing
Neumarkt, January 11, 2010 – Pfleiderer AG, the MDAX-listed manufacturer of engineered wood (ISIN DE0006764749), has agreed with approximately 30 banks on the conditions of long-term and secure corporate financing. The package in a total volume of approximately 800 million euros will be available until the end of 2013. It includes a loan of 140 million euros from Germany’s KfW banking group, granted at arm’s length conditions from the “Germany Fund”. The related costs will rise by a small eight-digit amount compared with 2009.
With the help of a strong cash flow from operating activities, Pfleiderer AG plans to reduce its net debt by more than 350 million euros in the next four years. This will result in lower interest rates, as specified in the credit agreements, which will ultimately improve Pfleiderer’s profitability.
Independently of Pfleiderer AG, the majority-owned subsidiary Pfleiderer Grajewo SA, which is listed on the Polish stock exchange, is also holding discussions with its banks concerning a financing volume of approximately 300 million euros. Agreement has been reached with the five banks involved on the key points of a financing package which will also run until 2013.
The Executive Board of Pfleiderer Aktiengesellschaft
Contact:
PFLEIDERER AG, Neumarkt
Lothar Sindel
Leiter Investor Relations
Tel.: + 49 (0)9181 / 28 - 8044
Fax: + 49 (0)9181 / 28 - 606
E-Mail: lothar.sindel@pfleiderer.com
Fabian Schiffer
Leiter Corporate Communications
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com