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Issue of promissory note loan of EUR 220 million successfully completed
On 23 October 2015, a promissory note loan transaction of a total amount of roughly EUR 220 million was successfully completed. The originally targeted issue volume of EUR 100 million, which was intended to secure the early refinancing of the loan due the currently favourable interest environment, was increased to roughly EUR 220 million because of high demand. The additional funds will be used to further optimise financial liabilities. AT&S is therefore able to increase the average debt maturities and to reduce the average financing costs. The promissory note loan consists of tranches with terms ranging from five to seven years, carrying fixed and variable interest rates in euros and US dollars.
Outlook for the financial year 2015/16 increased
Management expects the highly satisfactory capacity utilisation to continue for the financial year 2015/16 provided that the macroeconomic environment remains stable and customer demand continues at a good level. On the basis of the organic growth in the first half of the year, an expected positive business development in the next six months at a similar level as in the previous year, and an average expected EUR-USD exchange rate of 1.16 in the financial year, the management increases its revenue guidance from EUR 725 million to EUR 740 million. Influenced by the expected costs of the start-up of the new plants in Chongqing, the EBITDA margin should exceed 19% (guidance at the beginning of the financial year: 18-20%). This includes an EBITDA margin in the core business at the level of the previous year.
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