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HanseYachts AG restructures its finances for the future

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HanseYachts AG
HanseYachts AG

HanseYachts AG is reorganising its financial structure in three steps. Firstly, it made new financial covenants on 7 September 2020, essentially with the guarantee of the state of Mecklenburg-Vorpommern. Secondly, existing loans will now be repaid with the issue of new shares in the form of a capital increase through contributions in kind. In the last step, small shareholders will also be able to secure new shares at the price of the capital increase through contributions in kind.

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"These steps will strengthen the company's equity, reduce interest charges and above all build up a very healthy cash position to cope with the losses resulting from the first lock down, but also to be prepared for the pandemicrelated challenges which lie ahead. We are therefore more secure than almost any other manufacturing company in Europe. We are very grateful for the help of the state of Mecklenburg-Vorpommern, but also the authorities in Poland and France, as well as our banks," says Sven Göbel, CFO of HanseYachts.

On 7 September 2020, HanseYachts obtained loans amounting to EUR 17.1 million at standard market interest rates. This corona ‘cushion’ was extended by a loan of EUR 13 million with a 90% guarantee commitment from the  state of Mecklenburg-Vorpommern. For the financing of the operating companies in France and Poland, additional loans totalling approximately EUR 2.6 million were also committed by the respective local banks. The majority shareholder of the company, AURELIUS Equity Opportunities SE & Co. KGaA is committing a further EUR 1.5 million to the refinancing through its subsidiaries.

As part of the capital increase against contribution in kind, AURELIUS Equity Opportunities SE & Co. KGaA and HY Beteiligungs GmbH intend to enter payment claims, mainly from shareholder loans, with a total nominal value of EUR 11,962,425.17 (including accrued interest) into the company in return for the issue of a total of 3,148,006 new shares.

HanseYachts AG also allows shareholders to subscribe for up to 941,102 new shares at a subscription rate of EUR 3.80 per share. Accordingly, the company's shareholders can subscribe to new shares at a subscription ratio of 3:1, i.e. one new share can be subscribed for every three old shares. AURELIUS Equity Opportunities SE & Co. KGaA and HY Beteiligungs GmbH have waived their subscription rights in favour of the company’s other shareholders. The subscription period is to begin on 27 October and ends on 9 November 2020.

After the end of the subscription period, unsubscribed shares will be offered to institutional investors. If the capital increase is fully subscribed, the company will receive liquid funds of up to EUR 3,576,187.60. In addition, both members of the Executive Board of the company have undertaken to acquire unsubscribed shares of up to a total amount of EUR 230,000

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