Dr. Ing. h.c. F. Porsche AG has placed a promissory note loan with a total
volume of 1.1 billion euros. In light of the great demand and the resultant
oversubscription, the volume originally aimed for could be substantially exceeded.
The promissory note was issued in tranches with maturities of three, five and seven
years. For all tranches, the interest rate was fixed at the lower end of the marketing
range. This is the largest promissory note loan placed by Porsche up to now and one
of the largest promissory note transactions of the last few years.
“Despite the current uncertainties on the global financial markets, we have
succeeded in placing the promissory note loan in a significant volume at extremely
attractive conditions. This underscores the high level of investor confidence in the
company and the Porsche brand”, emphasised Lutz Meschke, Deputy Chairman of
the Executive Board and Member of the Executive Board for Finance and IT of
Porsche AG. “We will use the funds from this transaction for refinancing the bond
expiring in February as well as for our ambitious investment projects, for instance in
e-mobility”, added Meschke.
More than 150 institutional investors such as banks, pension funds and insurance
companies are involved in the promissory note loan. Particularly pleasing was the
high level of demand from foreign investors, who contributed approximately 45 per
cent of the total volume. The placement of the promissory note loan was
accompanied by Landesbank Baden-Württemberg and UniCredit Bank AG as joint
bookrunners.