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Hybrid bonds (2007–2014, 2013–2019)

Within the scope of financing the acquisition of the BÖHLER-UDDEHOLM Aktiengesellschaft, 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 is in October 2014. During its first two years, the hybrid bond traded consistently 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 started to rise, in particular as of early 2010. Since then it has continued its very positive development, closing at the end of the first quarter of 2013/14 at about 103 (% 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 June 30, 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. As of the end of June 2013, the price of this bond was at about 108 (% 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 June 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
  • 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 June 30, 2013 (euros) 27.13    EPS – Earnings/share (euros) 0.69    Dividend/share (euros) 0.90
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