Amberg, Germany — Automotive seat maker Grammer has raised a EUR 120m in loan to "expand our existing room for manoeuvre, to finance planned growth and future strategic investments," said Hartmut Muller, ceo.
There are five groups/tranches of notes with maturities of up to 10 years. No information on the interest rates payable were available. Grammer said that raising loans in this way was part of its strategy to broaden its investor base into international and German investors and to ensure that its loans matured over a number of years.
Grammer also said that it would use the loan to pay for the recent purchase of Reum, a plastics and metal processing company.