12 August 2020
Heidelberg Paying Off Debt
GERMANY—
Rainer Hundsdorfer CEO of Heidelberg
Rainer Hundsdorfer CEO of Heidelberg
Heidelberg  plans to pay back the remaining $177 million US on the bonds, which has a interest rate of 8% .The bonds were originally due to mature in 2022. Heidelberg is able to make the payback from its cash reserves from the the $354 million US  reserve transferred out of its pension scheme earlier this year, and the sale of Gallus last month.
Heidelberg has been trying to get out of debt
Heidelberg has been trying to get out of debt
Heidelberg described it as “the next milestone” in its financial stabilisation process, and would "unburden" its financial result by around $14 million a year. CEO Rainer Hundsdörfer said the move would also give the group leeway for future investments. CFO Marcus Wassenberg commented: “We are keeping our word and are working full speed ahead to consistently implement the measures announced in the program we presented in March to increase profitability, competitiveness and to secure our future.
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