As announced on 31 October 2018, the target size for the issue was EUR 100 million. The issue was oversubscribed, and in light of the strong investor interest in Marel as a credit and favorable conditions in international capital markets, the issue was subsequently raised to EUR 140 million.
The vast majority of the Schuldschein was placed in the 5-year tranche priced at 110 basis points over EURIBOR, and the 7-year tranche was priced at 130 basis points over EURIBOR. The investor base is well diversified across continental Europe and Asia.
Joint bookrunners on the transaction were ABN AMRO, Bayerische Landesbank, and UniCredit.
Linda Jónsdóttir, CFO of Marel:
“We are very pleased with the investor interest received in Marel’s first Schuldschein issue. The oversubscribed issue of EUR 140 million confirms the continued confidence investors have in Marel’s high quality earnings and strong financial fundamentals.
“We are grateful for the trust investors have in Marel and believe this new financing adds further diversification to our long term funding structure, giving us additional operational flexibility to support our growth strategy and continued value creation.”