With the issue of the promissory note Jenoptik has secured the medium to long-term maturity of its financing structure. The proceeds generated by the transaction are to be used for the early repayment of the existing guaranteed loans as well as other loans due within the next twelve months. Furthermore, as a result of the lower interest rate on the promissory note the Jenoptik Group's interest expenses will reduce in the next fiscal year.
"The promissory note will help to secure the Jenoptik Group's continued growth, financial flexibility as well as its stability. This ensures the basic financing for the operative business over the next five years. In addition, the attractive terms of the promissory note reflect the financial strength of the Jenoptik Group and the confidence of investors in its further development," said Jenoptik Chief Financial Officer Frank Einhellinger.
The promissory note is made up of four tranches, two with a term of 5 years and 2 with 7 years, each with a fixed resp. variable interest rate. As a result of the strong demand the interest rates on the four tranches could be set at the lower end of the marketing ranges. For example, the coupon interest rate set for the fixed 5-year range is 3.767 percent.