3 steps of financial restructuring for Hanse
HanseYachts AG has announced a reorganization of its financial structure in 3 steps. After a first milestone on 7 September 2020 by obtaining new financial commitments, in particular through the guarantee of the Land of Mecklenburg-Vorpommern, the operation will in a second step lead to the repayment of existing loans through the issue of new shares in the form of a capital increase by contribution in kind. The final stage will consist of the possibility for small holders to acquire new shares at the price fixed for contributions in kind.
Borrowings in Germany, Poland and France
HanseYachts has benefited from public loans and support in the various European countries where the group is established for the production of its boats of the brands Hanse, Dehler, Moody, Privilège Catamarans, Fjord and Sealine. In addition to a loan on market terms of 17.1 million euros, the "corona cushion" was extended by 13 million euros with a 90% guarantee from the Land of Mecklenburg-Vorpommern. 2.6 million euros were also borrowed in France and Poland. The main shareholder Aurelius will also contribute 1.5 million euros.
The recapitalisation objective through contribution in kind operations to creditors and almost 12 million euros for a total of 3,148,006 shares. Current shareholders will also be able to subscribe to 1 new share for 3 currently held, at a price of The number of shares offered between October 17 and November 9, 2020 is 941,102.
Assuming full subscription of the proposed share package, the company would raise a total of
Facing difficult times in the boating market
To justify this restructuring, the management explains the need for a strong company in a yachting market that has been permanently disrupted by the effects of the Covid-19. "These steps will strengthen the company's shareholding, reduce interest charges and above all build a very healthy liquidity situation to cope with the losses resulting from the 1st containment, but also to be ready for the challenges linked to the pandemic that await us. We are therefore more secure than almost all other builders in Europe", says Sven Göbel, CFO of HanseYachts.
