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            june 17, 2019

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Knorr-Bremse AG issues additional corporate bond


Knorr-Bremse AG, a global manufacturer of braking systems and supplier of additional sub-systems for rail and commercial vehicles, is issuing an additional corporate bond following its 2016 bond issue, this time with a volume of EUR 750 million. The bond has a fixed coupon rate of 1.125 percent p. a. and a seven-year term.
The subscription period began on June 7, 2018. In just under three hours, the bond was already round about three times oversubscribed. The order book was filled by 155 investors, reaching a total volume of more than EUR 2 billion. Ralph Heuwing, CFO of Knorr-Bremse, says: “By issuing this corporate bond, we gain more flexibility – we can use the additional liquid assets to take advantage of growth opportunities. At the same time, we are optimizing our capital structure.”
The new corporate bond has received an ‘A2’ rating from Moody’s. Issued in denominations of EUR 1,000, the bond is designed to attract both private and institutional investors. The bond issue is underwritten by Deutsche Bank, HSBC and Bayern LB as joint bookrunners.
In 2016, Knorr-Bremse issued a corporate bond with a volume of EUR 500 million. That bond has a fixed coupon rate of 0.50 percent p. a. and a five-year term.

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