Wirecard AG successfully issues first investment-grade bond
DGAP-News: Wirecard AG / Key word(s): Issue of Debt/Bond
12.09.2019 / 07:50
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September 12th, 2019
Wirecard AG successfully issues first investment-grade bond
- Successful placement of the targeted bond volume
- Investment grade rating by Moody's rating agency
- Oversubscription of the bond volume of EUR 500 million by more than two times
- Coupon rate of 0.50 % per annum
- Bond term: September 2024
Aschheim (Munich). Wirecard AG has very successfully placed its first investment-grade bond with institutional investors. The issue offers access to a broad national and international debt investor base and thus contributes to an optimized and diversified capital structure within the Wirecard Group.
In the course of this, Wirecard was one of the first and few service providers in the payment industry to achieve an investment grade rating (Baa3, issuer and issue rating) from the independent rating agency Moody's.
The bond met with great interest on the capital market. With a target bond volume of EUR 500 million, the order book was oversubscribed more than two times following the completion of the pricing process.
Due to the investment grade rating and the current positive situation on the capital markets, an attractive pricing was achieved. The bond coupon was set at 0.50 % per annum, the term ends in September 2024. The funds will be used primarily to repay drawings on existing credit facilities. The bond will be listed on the Euro MTF of the Luxembourg Stock Exchange.
The issue of the financial instrument was accompanied by Crédit Agricole, Deutsche Bank and ING as global coordinators as well as Citigroup, Credit Suisse, ABN AMRO and Lloyds Bank as further joint bookrunners. To market the bond, road show events were held at the most important European financial centers.
Alexander von Knoop, CFO of Wirecard, says: "The very successful bond issue and the investment grade rating we have achieved offer us an excellent opportunity to optimize our financing structure and expand our capital investor base. As a globally active technology group, we are now also very well diversified on the funding source side and look forward to being represented on the capital market from now on for both equity and debt capital providers".
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