Schaeffler AG said its holding company Schaeffler Verwaltungs GmbH has agreed to an early partial repayment and refinancing package with its lending banks.
As part of the refinancing package, Schaeffler Holding will reduce its debt from currently around 5.1 billion euros by approximately 1.6 billion euros to about 3.5 billion euros. Besides, the credit structure will be adjusted and the financing conditions will be improved. The reduction in debt results from the sale of shares of Continental AG (CTTAY.PK) by M.M.Warburg & CO and Bankhaus Metzler to a broad range of international investors.
Around 20.8 million shares, the entire remaining stakes of M.M.Warburg & CO and Bankhaus Metzler, were placed at a price of 77.50 euros per share. Schaeffler noted that following the placement, the free float in shares of Continental will increase from 39.7 percent to 50.1 percent. With the conclusion of this transaction, the contractual agreements between M.M.Warburg & CO, Bankhaus Metzler and Schaeffler Verwaltungs GmbH have been terminated.
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