PORR Corporate Bond2017
PORR AG has exercised its right to call and redeem the Subordinated Notes PORR Hybrid Bonds 2017 (ISIN: XS1555774014) on the First Redemption Date, February 6, 2022, for the full amount of EUR 51.075m.
PORR AG has succeeded in significantly broadening its investor base. The issue was significantly oversubscribed. Due to the high demand, the coupon was fixed at the lower end of the price range at 5.5%. The newly issued bond has an indefinite maturity with an early redemption option after five years (hybrid bond).
The proceeds of the issue are intended to support the overall growth strategy, in particular the PORR acquisition strategy, which assumes further small and medium-sized company acquisitions in the coming periods due to the ongoing consolidation process in the construction sector. Hence, the capital base shall be strengthened and the balance sheet structure shall be further optimized.
A prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde ─ FMA). The prospectus as well as other information on the issuance are available to the investors: