Both tranches, with terms of five and seven years respectively, were fixed at the lower end of the marketing margin of the offered credit spreads. Placement was primarily made with German Sparkasse and Genossenschaft banks. The transaction was supported by the Landesbank Baden-Württemberg.
WITTENSTEIN SE Management Board member and CFO Erik Roßmeißl is very satisfied with the outcome: “We are very pleased about the success of our first capital market transaction and the high level of demand for the promissory note loan. The multiple oversubscription of the placement demonstrates the high level of trust which investors have in WITTENSTEIN SE. This external evaluation underlines the high potential and stability which we believe the company has.”
“With the placement of the promissory note loan we have successfully established a further instrument with which to diversify the financing of the WITTENSTEIN Group. It now enables us to finance continued growth on currently attractive conditions and to improve the liquidity cushion,” commented Jochen Wilstermann, Head of Corporate Finance & Controlling at WITTENSTEIN SE.
With around 2600 employees worldwide and sales of approximately €385 million in 2017/18, WITTENSTEIN SE enjoys an impeccable reputation for innovation, precision and excellence in the field of mechatronic drive technology – not just in Germany but internationally. The group comprises six pacesetting Business Units with separate subsidiaries for servo gearboxes, servo actuator systems, medical technology, miniature servo units, innovative gearing technology, rotary and linear actuator systems, nano technology and electronic and software components for drive technologies. Through its 60 or so subsidiaries and agents in approximately 40 countries, WITTENSTEIN (www.wittenstein.de) is additionally represented in all the world’s major technology and sales markets.
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