Rickmers Holding AG i.I.
Rickmers Holding AG rating updated to CCC

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19 May 2016

Ad hoc announcement pursuant to § 8 of the
General Terms and Conditions of
Deutsche Börse AG for the Prime Standard for Corporate Bonds

Rickmers Holding AG rating updated to CCC

Hamburg, 19 May 2016 – The rating agency Creditreform has updated its rating for Rickmers Holding AG, parent of the shipping company Rickmers Group, from B- (‘watch’) to CCC.

Creditreform bases the new rating above all on the persistently challenging market conditions prevalent in the container shipping sector and the corresponding development of the Rickmers Group’s operative business. The rating agency therefore assesses the current market environment for potential capital and refinancing measures as weaker than at the beginning of this year.

To counteract the current market conditions, the Rickmers Group is working on the implementation of a bundle of measures, as communicated on 14 and 30 March respectively. In particular this is intended to strengthen the company’s liquidity position and to rearrange its liabilities. The new process to refinance bank loans 2016/2017 has already been initiated and is likely to take several months, as it was the case with the discussions successfully concluded in February 2015 on the refinancing of bank loans totalling USD 1.39 billion. The objective is to conclude the negotiations with the Group’s banking partners by the publication of the 2016 Annual Report at the latest. Already agreed is an early term extension to 2020/2021 for financing contracts totalling USD 520 million (as at 31 December 2015) for five 13,600 TEU containerships. These contracts are effective as of 29 April 2016.

About the Rickmers Group
The Rickmers Group is an international service provider in the maritime transport sector and a containership owner with a global blue chip customer base. It is represented in its main offices in Hamburg and Singapore, in eleven countries and more than 50 sales agencies worldwide. The Group’s business activities are divided into three segments: Maritime Assets, Maritime Services and Rickmers-Linie.

In the Maritime Assets segment the Rickmers Group is active as Asset Manager for its own vessels and also for those of third parties. The Group initiates and coordinates shipping projects, organises financing and acquires, charters and sells ships. In the Maritime Services business segment the Rickmers Group provides shipmanagement services for its own vessels as well as for those owned by third parties; these services comprise technical and operational management, crewing, newbuild supervision, consultancy and insurance-related services. In the Rickmers-Linie business segment the Rickmers Group operates as a shipping line for breakbulk, heavy lift and project cargo, and additionally offers individual voyages.
 

Press inquiries:

Kirchhoff Consult AG

Jens Hecht
T: +49 (0)40 60 91 86 0
F: +49 (0)40 60 91 86 60
E: jens.hecht@kirchhoff.de
 

The material set forth in this announcement is for informational purposes only and does not constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable securities laws of any state or other jurisdiction of the United States. No public offering of securities will be made in the United States.

The material set forth in this announcement does not constitute an offer of securities for sale in any jurisdiction in which such an offer or solicitation is unlawful. No public offering of securities will be made in any member state of the European Economic Area.