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Hybrid bond (2007–2014, 2013–2019)

Within the scope of financing the acquisition of Böhler-Uddeholm AG, voestalpine AG issued a subordinated hybrid bond in October 2007 with an issue volume of EUR 1 billion and a coupon rate of 7.125%. The earliest possible call option by voestalpine AG will be in October 2014. During its first two years, the hybrid bond traded under its initial offering price due to the generally difficult financial and economic situation. It reached its lowest price at 75 (% of the face value) in the spring of 2009. Subsequently, the bond’s price performed very positively, especially from early 2010 on, closing as of the September 30, 2010 at around 105 (% of the face value).

In order to optimize its financing portfolio, in February 2013, voestalpine AG offered all existing holders of the hybrid bond 2007 the opportunity to exchange their holdings for a new hybrid bond 2013 with a volume of up to EUR 500 million on a 1:1 basis. As more than 70% of the investors took advantage of this offer, allocation of the new bonds had to be curtailed accordingly. The coupon rate of the (new) hybrid bond 2013 is fixed at 7.125% until October 31, 2014, then it is set at 6% until October 31, 2019. Demand for this security was so high that the price rose as of the end of September 2013 to around 109 (% of the face value).

Corporate bond 2 (2011–2018)

In early February 2011, voestalpine AG successfully placed a seven-year bond issue on the capital market with a coupon rate of 4.75% and a volume of EUR 500 million. From the very beginning, demand on the part of investors was very strong, and this was manifested by the positive development of the price. Particularly in the 2012 calendar year, the price rose significantly and subsequently stabilized at a high level. As of the end of September 2013, the price of this bond was at about 107.5 (% of the face value).

Corporate bond 3 (2012–2018)

At the end of September 2012, voestalpine successfully placed another bond issue on the capital market with a volume of EUR 500 million and an interest rate of 4%. The bond was subscribed primarily by international investors, mainly from Germany, Switzerland, and the UK. Issue of the bond and the start of official trading was on October 5, 2012 on the Luxembourg Stock Exchange. Once again, the development of the price on the secondary market shows that the bondholders have a great deal of confidence in the company; by the end of September 2013, the price of this bond had risen to about 105 (% of the face value).

voestalpine AG is currently being analyzed by the following investment banks/institutions:

  • Baader Bank AG, Munich
  • Banco Espirito Santo de Investimento, Lisbon
  • Bank of America/Merrill Lynch, London
  • Citigroup, London
  • Commerzbank, Frankfurt
  • Credit Suisse, London
  • Davy, Dublin
  • Deutsche Bank, London
  • Erste Bank, Vienna
  • Exane BNP Paribas, Paris
  • Goldman Sachs, London
  • HSBC, London
  • Jefferies, London
  • JP Morgan, London
  • Kepler Cheuvreux, Frankfurt
  • MainFirst, Frankfurt
  • Morgan Stanley, London
  • Nomura, London
  • Raiffeisen Centrobank, Vienna
  • Société Générale, Paris
  • Steubing, Frankfurt
  • UBS, London
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  • Share price as of September 30, 2013 (euros) 35.35    EPS – Earnings/share (euros) 0.47    Dividend/share (euros) 0.90
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