Our financing strategy is aimed at ensuring the solvency of the Heidelberg Group at all times. By implementation of a balanced diversification of financing instruments and of the maturity profile, liquidity risks should be limited and capital costs should be optimized.
The financing structure of Heidelberg currently consists of two corporate bonds, two convertible bonds and a revolving credit facility. The Group’s financing sources and maturities were diversified with the placement of convertible bonds (which have terms until 2017 and 2022) and another corporate bond with a term until May 2022. In Financial Year 2014/2015, the revolving credit facility was extended ahead of schedule until mid-2019.
With the agreed range of instruments, Heidelberg currently is operating with total credit facilities of around € 700 million.
OVERVIEW OF FUNDING SOURCES
The financing structure of Heidelberg has a balanced maturity profile and is based on diversified financing instruments, showing a successful track record of refinancing activities in the recent years. It consists of the following main components:
• € 60 million Convertible Bond, maturity July 2017
• € 245 million Revolving Credit Facility, maturity June 2019
• € 59 million Convertible Bond, maturity March 2022
• € 205 million Corporate Bond, maturity May 2022
• € 100 million EIB loan, maturity 2024, amortizing
• € 39 million other financing instruments, amortizing
As at June, 2016