Refunding at Pankl
The Austrian automotive company Pankl takes a € 20m loan in order to redeem a ULSG credit early.
Pankl took out a 5-year loan in the amount of € 20m from a bank consortium led by Raiffeisen Bank International. In addition the consortium consists of Steiermärkische Bank und Sparkassen AG and the Raiffeisenlandesbanken Oberösterreich and Niederösterreich. The proceeds are used to fund growth and to repay the ULSG loan early.
Pankl CEO Wolfgang Plasser: „We are in the middle of a major growth period with the biggest capex programme of our corporate history. This loan improves our financing structure. The early redemption of the ULSG loan also removes restrictions to distribute dividends. Our shareholders can therefore expect higher pay-out ratios in the future.“