Progress-Werk Oberkirch AG prepares for future growth and expands its financial scope

Progress-Werk Oberkirch AG / Key word(s): Financing
Progress-Werk Oberkirch AG prepares for future growth and expands its financial scope

16-Feb-2021 / 18:03 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Ad hoc announcement pursuant to Article 17 MAR

PWO prepares for future growth and expands its financial scope

Oberkirch, February 16, 2021 - Even in the current difficult market environment, the PWO Group is continuously working to optimize its strategic positioning. The expansion of its financial leeway leads to a significant improvement.

Within the scope of our existing financing, we still have more than EUR 100 million in credit lines available that we can use to realize the Group's planned growth, increase the competitive strength of our locations, expand their technological capabilities, and invest in digitalization. PWO expects good momentum in new business in the coming years due to a large number of development projects and customer inquiries. We have just started to expand our Czech location and are leasing an additional 8,000 sqm of operating space for this purpose. This location will produce series orders that it already has on hand.

Today, it was decided to take out an additional loan from the KfW Special Program 2020 ("KfW Entrepreneur Loan 037") in the amount of EUR 30 million, which will further expand our existing financial scope. As a result, we now have a total of over EUR 130 million in free credit lines available.

The additional funds will be used to improve our financial scope so that we can cushion ourselves even better for any risks associated with a possible prolonged corona pandemic. This loan financing has a term until December 30, 2023. However, due to the distribution restriction associated with it, there has been an agreement included allowing early termination at any time.

Progress-Werk Oberkirch AG
The Management Board

End of the ad hoc announcement

16-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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