Märkte & Kurse

    Statement of Material Differences Q2 2024

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


   Bildlink:

https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=download2_file&code_str=692c22672e74c8fcc8a90c67e0b54cc0

   Bildtitel: Bild_IHO

   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.


   Bildlink:

https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=download2_file&code_str=0f1736c08451e08d24bcf84068f0f960

   Bildtitel: tabelle


     * 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

---------------------------------------------------------------------------

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.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate
News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter https://eqs-news.com

---------------------------------------------------------------------------

1972413 23.08.2024 CET/CEST

°