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Heidelberger Druckmaschinen calls further 64.5 million of 9Ό% bond
New York, March 14 Heidelberger Druckmaschinen AG said it will redeem a further 64.5 million of its 9Ό% bonds due 2018.
The notes will be redeemed on April 15 at a price of 102.3125, according to a notice from the company.
Following the repayment, the outstanding principal amount of the notes will be 50,019,500, down from 115 million previously and 300 million originally.
Heidelberger Druckmaschinen will make the repayment by reducing the denomination of the notes to 140.90 from 322.59.
Funding will come from cash on hand, the company said in a news release.
By making the redemption, Heidelberger Druckmaschinen will cut its annual interest costs by 6 million.
We are continuously working on optimizing our financing framework step by step, said chief financial officer Dirk Kaliebe in the news release. Thanks to the annual savings, we have succeeded in giving the company greater financial scope for making acquisitions and investing in growth and innovation.
Heidelberger Druckmaschinen is a Heidelberg, Germany-based manufacturer of offset printing presses.
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