Cimco Marine AB (Publ) to launch a corporate bond tap of up to 26MSEK
The company is to launch a corporate bond tap of up to 26MSEK today. This follows the initial successful issuance of 80MSEK earlier in February 2018. Final yield terms to be disclosed during the launch date.
As previously communicated, Cimco is working towards meeting its stated target of producing 25+ units a week in 2018. The board had previously resolved to a rights issue of 25.5MSEK, which would fund the company’s operating expenses, development of its BMW engine as well as working capital needs. To ensure it has sufficient liquidity for 2018, the Board has approved to launch a corporate bond tap of up to 26MSEK. The bond is to be launched today and the terms will be disclosed during the day. This follows the successful bond issuance of 80MSEK in February 2018.
The terms and presentation to Bond investors, including a video interview of Andreas Blomdahl, our CEO, will be published on our website later today.
– I am pleased that we continue to operate with the support of our various stakeholders including our shareholders and bondholders in providing the necessary liquidity to meet our ramp up plans for production. We also are working on our cost down with the aim of being gross margin positive in 2019, says Andreas Blomdahl.
For further information, please contact:
Anders Berg, Chairman, email@example.com, +46 70 358 91 55
Andreas Blomdahl, CEO, firstname.lastname@example.org, +46 431 44 98 99
Myron Mahendra, CFO and EvP in charge of Administration and HR, email@example.com, +46 76 347 59 82
Västra Hamnen Corporate Finance AB is Cimco’s Certified Adviser.
Cimco Marine AB (publ), is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was provided by the contacts above, to be submitted for publication on 10th September 2018 at 07.30 AM
Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world´s first diesel outboard engine in the high power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. Cimco’s OXE diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine