PORR AG launches up to EUR 150 million hybrid convertible bond
Construction group PORR AG has launched an offering for a hybrid convertible bond valued at up to EUR 150 million. The proceeds from the bond will be used to fund the company's growth.
Austrian construction company PORR AG announced on Thursday that it has launched an offering for a hybrid convertible bond with a total nominal amount of up to EUR 150 million. The company's management board, with the approval of the supervisory board, resolved to proceed with the issuance.
The bond is deeply subordinated and perpetual, meaning it has no maturity date but includes an early redemption option for the company. It can be converted into new or existing ordinary shares of PORR AG until the first reset date. The bond will be issued at par.
The offering is being conducted through an accelerated bookbuilding process, targeting institutional investors in specific jurisdictions outside the United States. Existing shareholders will not have pre-emptive subscription rights for the bond.
PPRR intends to use the net proceeds from the bond issuance to increase its financial flexibility and accelerate organic and/or inorganic growth, as well as for general corporate purposes. The final terms of the bond are expected to be announced on Friday morning before European market opening. Settlement of the bond is expected to occur around September 30, 2026.