Gerresheimer has signed a promissory loan agreement for a total of EUR 325 million
(approximately Rs 2800 crore). The transaction with an initial issue amount of EUR 150 million (approximately Rs 1300 crore) was substantially oversubscribed. Consequently, the total amount was increased to EUR 325 million.
Headquartered in Düsseldorf in Germany, the manufacturer of primary glass and plastic packaging products for medication and drug delivery kept its customers supplied globally amid the coronavirus crisis. With special products made of glass and plastic, the company contributes to health and well-being. Gerresheimer is represented worldwide, and with around 10,000 employees, produces where its customers and markets are and has packaging manufacturing plants in Europe, America, and Asia (including India as well).
The promissory loan comprises two equal tranches with terms of three and five years. These feature both fixed and variable interest rates. The transaction is coordinated by Commerzbank, Landesbank Baden-Württemberg, and UniCredit if it’s a quick loan in UK. For the most part, the loan funds are being used to repay the five-year tranche under the 2015 promissory loan transaction.
“The high oversubscription ratio reflects the confidence held by our investors in our business model and the successful long-term performance of our business,” said Bernd Metzner, chief financial officer of Gerresheimer. “We are pleased to be able to complete the refinancing of the maturing promissory loan on even more attractive terms.” Completion is scheduled for 10 November 2020.