Ursensollen, December 20, 2024 – GRAMMER AG has secured its long-term financing with two new syndicated loans totaling EUR 260 million. Despite a challenging industry environment, the company has also gained access to the Chinese financing market. The scheduled refinancing and extension of the credit facility will enable the implementation of the planned business strategy, improve the maturity profile and provide the company with attractive conditions.
The new financing structure consists of a syndicated loan from five banks in China and a syndicated revolving working capital loan facility from five banks in Germany. Already in spring, syndicated loan tranche C, with the participation of KFW, was refinanced in the amount of EUR 230 million by a bilateral credit line of EUR 200 million with a term of three years coming from China. In addition, GRAMMER received subordinated loans from the majority shareholder Ningbo Jifeng totalling EUR 70 million. The maturities of the new financing structure are between 2.5 and 3 years.
Jurate Keblyte, CFO of GRAMMER AG: “The new syndicated loans provide us with financing security for the coming years as we implement our business strategy. We would like to thank our current banks and our new lenders, as well as our main shareholder, for their confidence.”