Frankfurt (OTS) -
* Capital increase with net proceeds of around EUR 100 million
for
further improvement of capital structure and generating
additional headroom for growth
* Around 50 per cent free float after IPO
* First day of trading before summer break
Klöckner & Co AG management will present the company during a
roadshow to national and international investors, which will start on
June 14. Investors can subscribe shares during the offer period,
which is expected to commence no earlier than June 22. The price
range is expected be fixed based on investor feedback one day prior
to the start of the offer period using the so-called "decoupled
process" and be published as soon as it is set. Klöckner & Co shares
could then commence trading on the official market (Prime Standard)
of the Frankfurt Stock Exchange as early as June 28, under German
Securities Identification Code KC0100 and International Securities
Identification Number (ISIN) DE000KC01000.
"The IPO marks a milestone in the company's hundred-year history.
Access to the capital market will open new prospects for our growth,"
said CEO Dr. Thomas Ludwig. The company intends to use the proceeds
from the IPO to improve its capital structure in order to generate
additional headroom for growth. The additional sale of shares by
private equity investor Lindsay Goldberg & Bessemer (LGB) should
broaden the shareholder structure at the same time.
A yet to be determined maximum number of shares (to be published in a
supplement to the Offering Circular) will be offered in a public
offering in Germany and in an international private placement to
institutional investors. Overall, the company is aiming for a free
float of around 50 per cent in order to secure sufficient liquidity.
In addition to the new shares from a capital increase, the offered
shares (including a greenshoe of up to 15 per cent) will be provided
by the selling shareholder Multi Metal Investment S.à r.l., a company
controlled by the private equity investor Lindsay Goldberg &
Bessemer. The company intends to use the net IPO proceeds of around
EUR 100 million to further improve its capital structure, in
particular to reduce debt to generate additional headroom for further
growth. Private equity investor Lindsay Goldberg & Bessemer will
retain around 50 per cent in the company after the IPO. The selling
shareholder and the management have agreed on a twelve month lock-up
period following closing, during which they will not dispose of any
of their shares. The company has agreed not to effect any capital
measures during the same period of time.
"Klöckner & Co is ideally positioned for an IPO. With an
exceptionally good market position as the largest
producer-independent steel and metal distributor in the combined
European and North American markets combined, Klöckner & Co will be a
driving force in the upcoming consolidation of the industry" Dr.
Ludwig stated.
Klöckner & Co's sales under IFRS were up 9.6 per cent to EUR
1,322.9 million in the first quarter of 2006, compared with the same
quarter of the previous year. The adjusted earnings before interest,
tax, depreciation and amortization (adjusted EBITDA) improved by 47.7
per cent to EUR 79.3 million in the first quarter of 2006, compared
with the first quarter of 2005. Dr. Thomas Ludwig stated that, "the
results in the first quarter of 2006 clearly demonstrate the improved
profitability of Klöckner & Co."
For the financial year 2005, the Klöckner & Co group reported
sales of EUR 4,963 million under IFRS. The net income amounted to EUR
132.3 million. UBS Investment Bank has been appointed as Sole Global
Coordinator and will manage the IPO together with Deutsche Bank and
JPMorgan as Joint Lead Managers and Joint Bookrunners.
In Germany, a securities prospectus (Wertpapierprospekt) relating
to the public offering is available at www.kloeckner.de. A printed
version may be obtained from the company and the Joint Bookrunners.
About Klöckner & Co Klöckner & Co is the largest producer-independent
steel and metal distributor in the European and North American market
combined. The core business is the warehouse distribution of steel
and non-ferrous metals. Around 200,000 active customers are served
from around 240 distribution and service centres in 14 countries
across Europe and North America. Klöckner & Co was founded by Peter
Klöckner a century ago. In the financial year 2005, the company
reported sales of around ¤5 billion, with a staff of around 10,000.
Originaltext: Klöckner & Co AG
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ISIN: DE000KCO1000
This publication is not for direct or indirect distribution in or
to the United States of America (including its further territories
and protected areas and federal states, and the District of
Columbia). This publication does not represent an offer or part of an
offer for purchase or subscription, nor a solicitation to submit a
bid for purchase or subscription of securities. The shares of
Klöckner & Co AG referred to herein (the "Shares") shall not be
offered or sold in the United States, unless they are registered or
exempted from the registration obligation of the current version of
the US Securities Act of 1933 (the "Securities Act"). The Shares have
not been, and are not, registered in accordance with the Securities
Act and are not being publicly offered outside Germany. A public
offer in Germany will take place solely through, and on the basis of,
the published prospectus. That prospectus is obtainable free from the
company and the consortium banks.
This press release does not constitute an offer of securities to
the public in the United Kingdom. This press release is directed only
at (i) persons who have professional experience in matters relating
to investments and who fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order") or (ii) persons falling within Article 49(2)(a) to (d) (high
net worth companies, unincorporated associations, etc.) of the Order
or to whom it may otherwise lawfully be communicated (all such
persons together being referred to as "relevant persons") or in
circumstances in which section 21 of the FSMA does not apply to the
Company. Any person who is not a relevant person must not act or rely
on this communication or any of its contents. Any investment or
investment activity to which this communication relates is available
only to relevant persons and will be engaged in only with relevant
persons.
Rückfragehinweis:
Peter Ringsleben and Claudia Uhlendorf, Corporate Communications
Klöckner & Co AG
Am Silberpalais 1
47057 Duisburg
Peter Ringsleben
Phone: +49 203 307 2800
Fax: +49 203 307 5060
E-mail: peter.ringsleben@kloeckner.de
Claudia Uhlendorf
Phone: +49 203 307 2289
Fax: +49 203 307 5103
E-mail: claudia.uhlendorf@kloeckner.de
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