TK Elevator Holdco GmbH (together with its subsidiaries, “TKE”) announced today that its subsidiaries, TK Elevator Midco GmbH (“Midco”) and TK Elevator U.S. Newco, Inc. (“U.S. Newco”), have successfully concluded a maturity extension and upsizing of their US dollar term loan and issued an incremental Euro term loan facility.

U.S. Newco’s and Midco’s $2,841 million (post-amortization) senior secured US dollar term loan facility will be extended to April 2030 and upsized by ca. $650 million. The extended and upsized US dollar term loan facility priced at S + 350 bps and was issued at 99.75 OID.

Midco issues a new €500 million senior secured Euro term loan incremental facility maturing in April 2030, which priced at E + 400 bps and was issued at 99.75 OID.

The senior secured term facilities’ 101 soft-call protection will be reset for six months from the date on which the facilities are first utilised.

The net proceeds will be used to redeem TKE’s existing private senior notes due 2028 at a redemption price of 102%, plus accrued and unpaid interest to the redemption date, as well as TKE’s senior secured Euro floating rate note due 2027 at a redemption price of 100%, plus accrued and unpaid interest to the redemption date.

The transaction will be implemented pursuant to TKE’s existing senior secured facilities agreement and is expected to close prior to the end of March 2024.

Overall, the transaction is leverage neutral to TKE, providing sustainable and value-accretive interest rate savings while already proactively extending EUR 3.7bn of debt maturities to April 2030.

INVESTOR RELATIONS CONTACT

Christian Schulte
Head of Investor Relations
Tel: +49 211 5400 413 417
Email: christian.h.schulte@tkelevator.com

Nicole Getta
VP Investor Relations
Tel: +49 211 5400 413 193
Email: nicole.getta@tkelevator.com

ABOUT US

TK Elevator

TK Elevator is a global leader in vertical transportation and urban mobility. We provide engineering that keeps the world moving, from design to installation and maintenance on any brand of elevators, escalators, walkways, lifts, passenger boarding bridges, stairlifts, platform lifts and home elevators – any place and any time. With our digital solutions like AGILE and the IoT platform, MAX, there are no longer any limits to urban mobility. TK Elevator became independent following its separation from the thyssenkrupp group in 2020. The company achieved sales of around €9 billion in fiscal year 2022/2023. With around 50,000 employees, 25,000 service technicians and over 1,000 support centers globally, we are moved by what moves people. TKE – Move Beyond.