DGAP-Adhoc

Dürr AG to launch convertible bond offering with a total principal amount of around € 150 million due 2026

DGAP-Ad-hoc: Dürr Aktiengesellschaft / Key word(s): Issue of Debt/Financing Dürr AG to launch convertible bond offering with a total principal amount of around € 150 million due 2026 24-Sep-2020 / 09:22 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR ANY OTHER JURISDICTION OR TO ANY PERSONS IN ANY JURISDICTION IN WHICH SUCH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

Disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation - MAR).

Dürr AG to launch convertible bond offering with a total principal amount of around € 150 million due 2026

Bietigheim-Bissingen, September 24, 2020 -  The Board of Management of Dürr AG (the "Company") resolved today, with the consent of the Supervisory Board, to issue unsubordinated, unsecured bonds convertible into no par value ordinary bearer shares of the Company (the "convertible bonds") for a total principal amount of approx. € 150 million.

The convertible bonds will be offered solely to institutional investors outside the United States of America, Canada, Japan, Australia and other jurisdictions in which it is prohibited by law to offer or sell convertible bonds. The offer will be by way of an accelerated bookbuilding process (the "offering"). The pre-emptive rights of existing shareholders of the Company to subscribe to the convertible bonds are excluded. 

The convertible bonds will have an aggregate principal amount of approx. € 150 million with a denomination of € 100,000 each and will be convertible into approx. 4.1 million new and/or existing no par value ordinary shares of the Company. The convertible bonds will bear a coupon between 0.25% and 0.75% per annum, payable annually in arrears, with the first interest payment to be made in January 2022. The convertible bonds will have an expected maturity date on or around 15 January 2026 (approx. 5.3 years) and will be redeemed at 100% of their principal amount. The convertible bonds are expected to be issued at a price of 100%, implying a gross yield to maturity of between 0.25% and 0.75% p.a. The conversion premium will be fixed at between 40% and 45% above the volume weighted average price of the Company's shares on XETRA between launch and pricing on today's date.