The press manufacturer plans to pay back the remaining €150m (£135m) on the bond, which has a coupon of 8%, on 9 September.

The bond was originally due to mature in 2022.

Heidelberg is able to make the payback from its cash reserves thanks to the €380m liquidity reserve transferred out of its pension scheme earlier this year, and the sale of Gallus last month.

The group described it as “the next milestone” in its financial stabilisation process, and would "unburden" its financial result by around €12m per annum. 

CEO Rainer Hundsdörfer said the move would also give the group leeway for future investments.

CFO Marcus Wassenberg commented: “We are keeping our word and are working full speed ahead to consistently implement the measures announced in the program we presented in March to increase profitability, competitiveness and to secure our future.

“The early repayment of the high-yield bond is a further milestone in improving our financing structure. We are permanently freeing ourselves from high interest payments and are becoming more financially independent and flexible,” he stated.

Heidelberg has a separate syndicated credit line that runs until 2023.