The Hamburg Commercial and Service Group Otto GmbH & Co. KGAA has got fresh funds. On Thursday, the group of companies announced that it had “commemorated the promotional note on the capital market with a total volume of 240 million and run times of three, five and seven years”. The additional funds should now serve “to finance general corporate purposes”.
The investor’s encouragement: Inside, the expectations of the company exceeded. Originally, the Otto Group claimed that it only sought a marketing volume of 100 million euros. Ultimately, “more than 30 national and international investors, especially savings banks, cooperative banks and foreign commercial banks”, the group said. All tranches could “be praised and placed at the lower end of the marketing range”.
Chief Financial Officer (CFO) Katy Roewer was happy about the response. “We see the great interest in investor as a strong sign of trust in the sustainable further development of our business model,” she emphasized in a statement. “The positive results of the past financial year and the outlook for the current financial year underline our resilience and adaptability in a volatile market environment.”