EQS-News: ESPG AG
/ Key word(s): Bond
The tap issue price was on average around 8 % below the nominal amount. The discount was also due to the short remaining term of the corporate bond 2018/2023 and was significantly lower than comparable placements of direct competitors in the market.
As previously announced, ESPG will use the proceeds from the tap sale to further strengthen its financing structure and to repay higher interest-bearing loans. Due to this development, ESPG’s shareholders promised to supply additional funds, which will result in a further reduction of debt, strengthening equity.
Board member Markus Drews commented: "Daniel Grosch and I were very happy to participate in the tap sale. With the new shareholder base and the current discount to the nominal value, the return was highly attractive. As part of ESPG's financing strategy, we will now focus more on equity in order to sustainably reduce LTV. We will also demonstrate this in future acquisitions that we are currently working on closing."
"The goal of the shareholders is to substantially reduce the leverage ratio in a very short period of time, and to successfully position the company through further growth and strong operational performance. We have already completed the first steps in this regard and will continue to make rapid progress," concludes Ralf Nöcker, CEO of ESPG.
The European Science Park Group (ESPG) AG is a real estate company specializing in science parks. The company's focus is on the development of science parks, predominantly characterized by tenants from future-oriented industries – such as life sciences, green technologies, or digital transformation – which benefit from their proximity to each other as well as to universities, hospitals, or research institutes. ESPG's portfolio already includes 16 science parks across Europe with a total area of 126,000 square meters and a balance sheet value of 240 million euros. The sites are generally located outside metropolitan areas in locations that are considered science clusters or have a high concentration of innovative companies.
23.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Listed:||Regulated Unofficial Market in Frankfurt|
|EQS News ID:||1494579|
|End of News||EQS News Service|
1494579 23.11.2022 CET/CEST