Fixed Income & Ratings

Ratings

Ratings evaluate the ability of a company to meet its financial obligations. They communicate the creditworthiness of a company to potential debt capital investors and enable it to obtain attractive financing conditions on international capital markets. CECONOMY AG is continuously evaluated by two rating agencies, Moody’s and Scope. With its conservative financing strategy, CECONOMY AG pursues the objective of permanent status as an investment grade company.

The current ratings of CECONOMY AG:

Moody's Credit Opinion: PDF 118 KB, PDF 1,27 MB
Scope Rating Action: PDF 1,86 KB

As of 24 June 2021


Status: 16.08.2021

Financing programs

Issues on the debt capital markets serve the medium- and long-term financing of CECONOMY AG. Thus, multiple promissory notes (Schuldscheindarlehen) with a total volume of €250 million were successfully issued in March 2017 with terms of five, seven and ten years.

A Euro Commercial Paper Programme with a maximum volume of €500 million is available to CECONOMY AG for short-term funding needs.

Download ECP Programme Information Memorandum


Liquidity reserve

CECONOMY AG possesses comfortable liquidity reserves consisting of syndicated revolving credit facilities, which complements the reserves held in cash and other liquid assets.

The syndicated revolving credit facilities agreement was concluded on 6 May 2021 and have replaced the syndicated loan with the participation of KfW on 9 August 2021, which was concluded in the light of COVID-19 pandemic in May 2020. 

The new syndicated credit line agreement has two facilities with a total volume of EUR 1.06 billion and an initial term of 3 respectively 5 years, each with two one-year extension options. In addition, it also includes a pricing mechanism linked to the achievement of ESG objectives, which are in line with CECONOMY's sustainability strategy.

Press release of KfW syndicated loan agreement replacement

Press release of ESG-linked syndicated revolving credit facility


Bond

CECONOMY AG has successfully priced an inaugural €500 million 5-year senior unsecured bond, thereby further enhancing its post-pandemic financing structure. The notes will mature in June 2026 and carry an annual fixed coupon of 1.75%. The net proceeds from the issuance of the notes will be used for general corporate purposes, including the refinancing of existing indebtedness.

Below you will find an overview of the key information:

Contact
Simon Printz
Simon Printz, CFA

Head of Group Financing
+49 211 5408-7243
simon.printz_at_ceconomy.de

send E-Mail

General Contact

Please direct general inquiries on financing topics to +49 211 5408-7245 or to creditor-relations_at_ceconomy.de.

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