PALFINGER AG Issues ESG-linked Promissory Note Worth EUR 150 Million

PALFINGER AG Issues ESG-linked Promissory Note Worth EUR 150 Million

Bergheim, Austria on April 21, 2023
 

• Successful placement of an ESG-linked promissory note worth EUR 150 million underlines focus on sustainability
• Tranches with maturities of three, five and seven years
• Significant oversubscription due to high investor demand despite a challenging market environment
• Linked to carbon emissions and accident rate as sustainability KPIs

PALFINGER AG has successfully issued an ESG-linked promissory note loan with a volume of EUR 150 million. The payout is scheduled for April 24, 2023.

The promissory note transaction comprises five tranches with terms of three, five and seven years, the majority of which are offered with variable interest rates. Following strong demand from investors, the original initial term sheet volume was significantly oversubscribed and so PALFINGER decided to increase the volume.  The interest rate on all tranches was fixed at the lower end of the market band. Around 40 investors from Austria and abroad have participated in the promissory note loan. The highly successful transaction was arranged by Erste Group Bank AG and Landesbank Baden-Württemberg, using the digital promissory note platform DEBTVISION.

“Our goal was to attract a broad spectrum of investors to PALFINGER also on the borrowed capital side. I am pleased that we have clearly succeeded once again in issuing this promissory note. Especially in this challenging economic environment, I see this as a strong vote of confidence in the PALFINGER group,” says Felix Strohbichler, CFO of PALFINGER AG.

PALFINGER will use the promissory note loan to refinance maturing loans and finance the investments planned for 2023.

The terms of the promissory note loan are linked to two sustainability KPIs: production related carbon emissions and the accident rate. The achievement of sustainability KPIs is audited annually, with a margin step-up/down if the target values are reached or are not achieved.

Sustainability has been a focus of PALFINGER AG for many years. In the company’s Strategy 2030, the topic of sustainability plays an important part. An internal Sustainability Council ensures the implementation of PALFINGER’s ESG strategy and the sustainable transformation within the company.


+++


ABOUT PALFINGER AG
PALFINGER is an international technology and mechanical engineering company and the world's leading producer and provider of innovative crane and lifting solutions. With over 12,200 employees*, more than 30 manufacturing sites and a worldwide sales and service network of around 5,000 service points, PALFINGER creates added value from the challenges of its customers. PALFINGER is consistently continuing on its course as a provider of innovative, complete solutions that deliver increased efficiency and better operability, while leveraging the potential of digitalization along the entire production and value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999, and in 2022 achieved record revenue of EUR 2.2 billion.

* Excluding contingent workers



For further information please contact:  
Hannes Roither | Group spokesperson | PALFINGER AG  
T +43 662 2281-81100 | h.roither@palfinger.com 

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.