EQS-News: Statement of Material Differences Q2 2024 (deutsch)

Statement of Material Differences Q2 2024

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EQS-Media / 23.08.2024 / 10:27 CET/CEST

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IHO Verwaltungs GmbH · Industriestraße 1-3 · 91074 Herzogenaurach

Deutsche Trustee Company Limited

Attention: Trust & Securities Services

21 Moorfields

London EC2Y 9DB

United Kingdom

Your reference, your message from Our reference, our message from

Phone Fax Date

+49 (9132) 8364-325 08/21/2024

IHO Verwaltungs GmbH - Indentures dated as of September 22, 2016

/ June 6, 2019 / April 3, 2023

EUR 750,000,000 3.750% / 4.500% Senior Secured PIK Toggle Notes due

2026

EUR 500,000,000 3.875% / 4.625% Senior Secured PIK Toggle Notes due

2027

EUR 800,000,000 8.750% / 9.500% Senior Secured PIK Toggle Notes due

2028

$ 500,000,000 4.750% / 5.500% Senior Secured PIK Toggle Notes due

2026

$ 450,000,000 6.000% / 6.750% Senior Secured PIK Toggle Notes due

2027

$ 400,000,000 6.375% / 7.125% Senior Secured PIK Toggle Notes due

2029

We refer to Section 4.19 (Reports) of the 2016, 2019 and 2023

Indentures mentioned above. Terms defined in the Indentures have

the same meaning when used in this document unless given a

different meaning in this document.

1. This document contains - in accordance with Section 4.19 (b)

(ii) - additional information to the consolidated financial

report as of June 30, 2024 from Schaeffler AG, which is

provided in conjunction with this document. The document

covers the period from January 1, 2024 to June 30, 2024.

2. Material developments in the business of IHO Verwaltungs GmbH

(the Issuer) as a holding company and its Subsidiaries in the

relevant period include among others:

* On April 08, 2024, IHO Verwaltungs GmbH has drawn on the

Revolving Credit Facility in an amount of EUR 120 million. On

April 30, 2024, IHO Verwaltungs GmbH has repaid the complete

outstanding amount of EUR 240 million.

3. Material differences in the financial condition and the

results of operations between the Issuer and its Subsidiaries

and Schaeffler AG and its Subsidiaries include among others:

* Financial condition (Assets): As of June 30, 2024, the Issuer

holds 75.1% of the capital rights (100% of the voting rights)

in Schaeffler AG, 36% of the capital rights (36% of the

voting rights) in Continental AG and 39.9% of the capital

rights (39.9% of the voting rights) in Vitesco Technologies

Group AG. The cash and cash equivalents of the Issuer on June

30, 2024 amounted to EUR 52.3 million.

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* Financial condition (Liabilities): In addition to the

financial debt incurred by the Schaeffler OpCo Group, the

Issuer is - as of June 30, 2024 - the borrower under a

facilities agreement entered into on September 7, 2016 and

amended and restated from time to time, that consists of a

revolving credit facility. Furthermore, the Issuer has issued

Senior Secured PIK Toggle Notes on September 22, 2016 as well

as on May 22, 2019 and on April 3, 2023. The Issuer is

borrower under an EUR 550 million intercompany loan agreement

(current value: EUR 263.1 million) with IHO Beteiligungs GmbH

as a lender and maturity in 2030. The loan has been granted

in 2021 in the context of a non-cash dividend of the Issuer

and will be consumed over time. The additional financial debt

at the level of the Issuer consists in particular of the

following instruments as of June 30, 2024:

Debt instruments

(as of June 30, 2024) Nominal

in EUR mn Interest Maturity Rating

3.75% Senior Secured PIK Toggle Notes (EUR) 750 3.75% Sep 15,

2026 Ba2/BB-/BB

3.875% Senior Secured PIK Toggle Notes (EUR) 500 3.875% May 15,

2027 Ba2/BB-/BB

8.75% Senior Secured PIK Toggle Notes (EUR) 800 8.75% May 15,

2028 Ba2/BB-/BB

4.75% Senior Secured PIK Toggle Notes (USD) 467^1) 4.75% Sep 15,

2026 Ba2/BB-/BB

6.00% Senior Secured PIK Toggle Notes (USD) 420^1) 6.00% May 15,

2027 Ba2/BB-/BB

6.375% Senior Secured PIK Toggle Notes (USD) 374^1) 6.375% May

15, 2029 Ba2/BB-/BB

Revolving Credit Facility (EUR 800 mn) 0 E + 3.75% Jun 15, 2026

not rated

TOTAL 3,311 -- -- --

1) EUR / USD = 1.0705

The facilities agreement, certain hedging liabilities and the

notes are secured by pledges over 333,000,001 common shares in

Schaeffler AG (representing 66.7% of the voting shares

(Stammaktien) and 50% plus one share of the total share capital

of Schaeffler AG) held by the Issuer, 48,742,194 common shares in

Continental AG held by the Issuer and 9,748,439 common shares in

Vitesco Technologies Group AG held by the Issuer.

* Result of operations: The result of operations of the Issuer

consists primarily of (i) dividends received from its

shareholdings in Schaeffler AG, Continental AG and Vitesco

Technologies Group AG, (ii) interest expense on the financial

debt of the Issuer, and (iii) operating costs and tax

payments of the Issuer as holding company.

Ende der Pressemitteilung

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Emittent/Herausgeber: IHO Verwaltungs GmbH

Schlagwort(e): Finanzen

23.08.2024 CET/CEST Veröffentlichung einer Pressemitteilung, übermittelt

durch EQS News - ein Service der EQS Group AG.

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1972413 23.08.2024 CET/CEST

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