The manufacturer said the new arrangement underpinned its growth plans and would also enable the group to nearly halve its interest costs, to around €20m (£17.5m).

The finance deal includes a €320m credit line that runs until March 2023, a €59m convertible bond that runs until March 2022, a €204m bond that runs until May 2022 but can be redeemed prior to that date, and a loan of €100m from EIB, the European Union Investment Bank.

Heidelberg will also be able to pay off some of an existing 8% bond early. The bond matures in 2020.

Heidelberg chief financial officer Dirk Kaliebe said the refinancing was “another sign of the banks’ confidence in our strategic roadmap” and secured the group’s financial basis for the long-term. He said it would enable Heidelberg to expand its digital business models, including the new subscription offering.

“We have numerous options at our disposal for driving forward our growth strategy. At the same time we are able to further reduce interest costs by optimising the financial framework,” Kaliebe stated.

Heidelberg is aiming to triple e-commerce sales to €300m. 

German sheetfed and digital printer Lensing Druck has become the latest company to sign up for Heidelberg’s new pay-per-use subscription model.

The refinancing has been agreed with a “broad-based” consortium of banks including Bank of China, BNP Paribas, Commerzbank, Deutsche Bank, HSBC and LBBW, which make up the main lenders.

DZ Bank, IKB, NIBC and Saar LB complete the consortium, with the latter two being new parties to the arrangement.

Heidelberg is approaching its financial year-end and will release its full year 2017/18 results in June.