LIBOR transition

Press Release on behalf of HOCHDORF Holding Ltd

LIBOR transition: Interpretation of the Subsequent Fixed Interest Rate clause (determination of 5-year Mid Swap Rate) in respect of 2.50% Perpetual Callable Subordinated Bonds issued by HOCHDORF Holding Ltd

Hochdorf, 09th. of December 2021 – Taking into account the fact that CHF LIBOR settings will discontinue at the of end of 2021 and in accordance with the recommendations issued by the National Working Group on Swiss Franc Reference Rates as well as consultation with the principal paying agent, HOCHDORF Holding AG ("the Issuer") announces that starting on 1st of January 2022, the “Effective Date”, it will interpretate and apply the terms and conditions of its outstanding subordinated debt instruments with ISIN CH0391647986 by replacing LIBOR mid swap market rates with the compounded SARON mid swap market rates for the purpose of the calculation of the subsequent fixed interest rate in case the issuer chooses not to call the respective subordinated instrument on the first call date.

To compensate investors for the structural difference between compounded SARON and LIBOR mid swap market rates and as recommended by the National Working Group on Swiss Franc Reference Rates and assuming there is no further development on this topic, a spread adjustment in line with the ISDA 2020 IBOR Fallbacks Protocol shall be made. For the subordinated instruments listed above, such spread adjustment amounts to 0.0741% over the Subsequent Fixed Interest Rate. As of the Effective Date, such spread adjustment rate shall be included in the calculation of subsequent fixed interest rate in accordance with the prevailing terms and conditions. The initial margin remains unchanged as per the terms and conditions of the respective instrument.

The calculation of subsequent fixed interest rate is relevant only if and when the issuer chooses not to call the respective subordinated debt instrument on the first or any subsequent call date.

Please refer to the notice which is expected to be published on or around January on the Official Notices page of SIX Swiss Exchange for more information.

Security Number: 39.164.798, first call date on 21 June 2023

ISIN: CH0391647986

Contact:
Dr Christoph Hug, VP Brand & Communication HOCHDORF Group, Phone: +41 (0)41 914 65 62 / +41 (0)79 859 19 23, christoph.hug@hochdorf.com.

About the HOCHDORF Group
HOCHDORF Group, which is listed on the Zurich Stock Exchange, achieved a consolidated net sales revenue of CHF 306.2 million in 2020. It is one of the leading foodstuff companies in Switzerland, employing 391 staff as of 31.12.2020. HOCHDORF is known for advanced processing expertise for high-quality raw materials, state-of-the-art production technology and the market-focused nutrition know-how of its employees. The company is therefore unique on the global market as a developer, manufacturer and marketer of specialist foods for people of all ages with specific nutritional requirements. Its portfolio offers solutions ranging from high-quality semi-finished products for the processing food industry to consumer products in the sensitive infant formula segment.