Dürr : Dürr AG well prepared for the refinancing requirements in the coming year

Bietigheim-Bissingen, May 12, 2020 - Dürr AG has obtained an additional credit facility of € 350 million from a banking syndicate in order to heighten its financial flexibility. In this way, the mechanical and plant engineering firm is covering the refinancing requirements of the same amount that will be arising next year.

Provided by six banks, the credit facility will initially have a term of one year but may be renewed by Dürr AG twice for a further six-month period at a time. The corporate bond for € 300 million issued in 2014 will be maturing in April 2021. At the same time, a tranche of € 50 million under the Schuldschein loan issued in 2016 will also be due for repayment. If Dürr AG is unable to arrange any long-term follow-up finance in the capital market in sufficient time as a result of the corona crisis, it can still fall back on this facility. The banking syndicate is composed of BNP Paribas, Commerzbank Aktiengesellschaft, Deutsche Bank, LBBW, Santander and UniCredit. Dürr AG was advised on legal matters by Freshfields Bruckhaus Deringer and the banks by Hengeler Mueller.

The Dürr Group is well positioned to withstand the financial strain expected to come from the corona pandemic. In addition to total liquidity of around € 850 million, it has an additional unused credit facility of € 500 million, which was arranged in the previous year. Says Ralf W. Dieter, CEO of Dürr AG: 'We have sufficient liquidity to assert ourselves effectively in the current difficult environment. The credit facility that has now been arranged will broaden the scope we have for comfortably organizing suitable long-term finance.'

The new credit facility is Dürr AG's second funding transaction this year. At the beginning of April it received proceeds of € 115 million from the issue of a sustainability Schuldschein loan, primarily using this amount to refinance legacy financial liabilities from 2016 on more advantageous terms. The average coupon on the sustainability Schuldschein loan is 0.9% and is tied to the Group's sustainability rating.

Press photos

Ralf W. Dieter
Chairman of the Management Board

About Dürr

The Dürr Group is one of the world's leading mechanical and plant engineering firms with extensive expertise in automation and digitalization/Industry 4.0. Its products, systems and services enable highly efficient manufacturing processes in different industries. The Dürr Group supplies sectors like the automotive industry, mechanical engineering, chemical, pharmaceutical and woodworking industries. It generated sales of € 3.92 billion in 2019. The company has around 16,500 employees and 112 business locations in 34 countries. The Group operates in the market with the brands Dürr, Schenck and HOMAG and with five divisions:

• Paint and Final Assembly Systems: paint shops as well as final assembly, testing and filling technology for the automotive industry
• Application Technology: robot technologies for the automated application of paint, sealants and adhesives
• Clean Technology Systems: air pollution control, noise abatement systems and coating systems for battery electrodes
• Measuring and Process Systems: balancing equipment and diagnostic technology
• Woodworking Machinery and Systems: machinery and equipment for the woodworking industry

Disclaimer

This publication has been prepared independently by Dürr AG/Dürr group. It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in disclosures of Dürr AG, in particular in the chapter 'Risks' in the annual report of Dürr AG. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of the Dürr group may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as 'expect,' 'want,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'seek,' 'estimate,' 'will,' 'project' or words of similar meaning. Dürr AG neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Net assets, financial position and results of operations of the Dürr group should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr AG can be found in our → financial glossary on the web page.

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