SANHA GmbH & Co. KG issues new 8.75% corporate bond and plans early refinancing of the 2013/2026 bond

• Issue volume of up to EUR 20 million at an interest rate of 8.75% p.a.
• Securities prospectus approved today
• Exchange offer for holders of the 2013/2026 bond to start Friday, 6 November 2024
• Subscription period for the new bond to start on 5 November (website) and 18 November (DirectPlace of Deutsche Börse)

Essen, 4 November 2024 – SANHA GmbH & Co. KG, a leading manufacturer of piping systems, will issue a new corporate bond and plans to use it to refinance its existing 2013/2026 bond. The corresponding securities prospectus was today approved by the Luxembourg Financial Market Supervisory Authority, Commission de Surveillance du Secteur Financier (CSSF).

The new 2024/2029 corporate bond (ISIN: DE000A383VY6, WKN: A383VY) has a target volume of EUR 20 million and a term of five years. The annual coupon is 8.75% and will be paid out semi-annually in arrears. The proceeds from the bond issue will be used for the early redemption of part of the existing 2013/2026 bond (ISIN: DE000A1TNA70, WKN: A1TNA7) in the total nominal amount of EUR 33.7 million. The issue includes a public exchange offer to the holders of the 2013/2026 bond, which will begin on Wednesday, 6 November 2024 and end on 2 December 2024, 18:00 h. The bondholders will receive one new 2024/2029 bond, a cash settlement amount of EUR 30.00 as well as the accrued interest for each exchanged 2013/2026 bond.

The subscription period for the public offer via the company’s website (www.sanha-anleihe.com/Zeichnung-der-anleihe-2024-2029) will begin on 5 November 2024 and end on 3 December 2024, while the public offer via the DirectPlace subscription function of the Frankfurt Stock Exchange in the XETRA trading system will begin on 18 November 2024 and end on 6 December 2024, 12:00 h (subject to early termination or extension of the offer period).

The bond is planned to be listed in the Quotation Board segment (Open Market) of the Frankfurt Stock Exchange. The public offer will be made in Germany and Luxembourg. In addition, the notes will be offered exclusively to qualified investors in Germany and certain other countries as a part of a private placement. The issue is targeted at institutional investors and asset managers as well as private investors. The private placement will be led by Quirin Privatbank AG as lead manager and bookrunner and by CapSolutions GmbH as selling agent. Lewisfield Deutschland GmbH serves as financial advisor.

Bernd Kaimer, Managing Partner of SANHA GmbH & Co. KG: “Over the past years, we have considerably strengthened the SANHA Group’s resilience through targeted investments and our broad international presence in as many as 50 markets worldwide. In addition, we have continuously expanded the use of our products to over 30 industries. Many new applications in future sectors such as renewables, modern refrigeration technology, hydrogen and fire protection have been added. The purpose of our second corporate bond is to further diversify the financing structure of our 60-year-old family-owned business with a reduced bond volume and to make it future-proof.”

SANHA is one of the largest manufacturers of piping systems in Europe. The company has significantly increased its profitability over the past three years, with EBITDA growing at a compound annual rate of 31% and the EBITDA margin rising from 9.2% in 2020 to 16%. This performance underlines the efficiency of the investments made. In the first nine months of the year, sales revenues reached EUR 92.9 million (+1.9% year-on-year). Gross profit rose significantly from EUR 52.1 million to EUR 57.2 million, while the gross profit margin climbed to 59.1% (previous year: 54.8%). EBITDA increased by EUR 0.6 million to EUR 15.9 million in the first nine months of the financial year, with the EBITDA margin rising to 17.1% (previous year: 16.7%). Earnings before interest and taxes (EBIT) stood at EUR 11.6 million (previous year: EUR 11.4 million).

The securities prospectus approved by Commission de Surveillance du Secteur Financier (CSSF), Luxembourg, and notified to Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany, is available for download in the Investor relations section at sanha.com and at www.luxse.com.

About SANHA

SANHA GmbH & Co. KG is a leading manufacturer of piping systems. The products of the 100% family-owned industrial company are used in many sectors, including building services, refrigeration technology, fire protection and numerous industrial applications such as technical gases. SANHA holds around 250 product certifications for the various applications. The company based in Essen has around 700 employees and is active in 50 countries worldwide. Around 10,000 products, primarily piping systems made of copper, copper alloys, stainless steel, carbon steel and plastic are manufactured in four plants in Germany and other European countries.

Investor Relations / Press:

Jonas Schneider, Johannes Kaiser
IR.on AG
Phone: +49-221-914097-38
E-mail: SANHA@ir-on.com
 

Key data of the SANHA 2024/2029 bond

Disclaimer

This press release contains ADVERTISING. This press release as well as the information contained herein do not represent an offer to sell or an invitation to buy securities of SANHA GmbH & Co. KG in the Federal Republic of Germany or in the Grand Duchy of Luxembourg or in another country and shall not be construed as such, in particular if such an offer or such an invitation is forbidden or not permitted, and do not replace the securities prospectus. Potential investors in notes of the 2024/2029 bond of SANHA GmbH & Co. KG are asked to seek information about such restrictions and to comply with them. An investment decision regarding the notes of the 2024/2029 bond of SANHA GmbH & Co. KG may be made only on the basis of the securities prospectus approved by the Luxembourg Financial Supervisory Authority (Commission de Surveillance du Secteur Financier – CSSF) on 4 November 2024, which is available at https://www.sanha.com/en/Investor-Relations/Documents and www.luxse.com. The CSSF’s approval should not be understood as an endorsement of the securities offered. Potential investors should read the prospectus before making an investment decision in order to fully understand the potential risks and opportunities of the decision to invest in the securities. The information contained in this document may not be distributed outside the Federal Republic of Germany and the Grand Duchy of Luxembourg, in particular not in the United States of America, to U.S. persons (as defined in Regulation S of the United States Securities Act of 1933) or to publications with a general circulation in the United States of America, unless such distribution outside the Federal Republic of Germany and the Grand Duchy of Luxembourg is required by mandatory provisions of applicable law. Any breach of this restriction may constitute a violation of the securities regulations of certain countries, in particular the United States of America. Notes of SANHA GmbH & Co. KG are not publicly offered for sale outside the Federal Republic of Germany and the Grand Duchy of Luxembourg.