NORTH CANTON, Ohio, Aug. 13, 2018 /PRNewswire/ -- Diebold Nixdorf DBD ("the Company") today issued a statement on the following developments:

Status of Discussions with Lenders

The Company is in constructive and productive discussions with its lenders regarding its future financial flexibility and expects to reach a resolution in the near-term. The Company will disclose additional details in due course.

Developments relating to the Company's stake in Diebold Nixdorf AG

At the end of July 2018, the Company held, through Diebold KGaA, 77.1% of the outstanding shares of Diebold Nixdorf AG. In August 2018, Diebold Nixdorf AG shareholders, as per their right under the terms of the Company's acquisition of Diebold Nixdorf AG, have requested redemptions for approximately 3.8 million shares (corresponding to 12.9% of the outstanding shares) with a value of approximately $255 million. The Company utilized cash on hand and borrowings under its Revolving Facility to fund $160 million of the initial obligation and will settle the additional obligation later this week, in line with current settlement practices, with cash on hand and borrowings under the Revolving Facility.

Following this activity, Diebold Nixdorf will own in excess of 90% of the outstanding shares of Diebold Nixdorf AG.  Such shareholding entitles the Company, at the Company's election, to initiate the process to merge Diebold Nixdorf AG with and into Diebold KGaA, a significant final step in the integration of the Company's German subsidiaries.  When initiated, this elective process includes the Company's acquisition of all remaining shares of Diebold Nixdorf AG, which the Company expects to initiate expeditiously in future quarters.

The Company's annual dividend payments to Diebold Nixdorf AG minority shareholders have been reduced by approximately $12 million in light of the shares tendered since the end of July and the remaining dividend payments of approximately $10 million will be eliminated once all shares have been acquired.

Monetization of Company Owned Life Insurance for $70 million

On August 9, 2018, the Company received cash proceeds of approximately $70 million from the monetization of its investment in company owned life insurance contracts to further bolster liquidity.

About Diebold Nixdorf

Diebold Nixdorf, Incorporated DBD is a world leader in enabling connected commerce for millions of consumers each day across the financial and retail industries. Its software-defined solutions bridge the physical and digital worlds of cash and consumer transactions conveniently, securely and efficiently. As an innovation partner for nearly all of the world's top 100 financial institutions and a majority of the top 25 global retailers, Diebold Nixdorf delivers unparalleled services and technology that are essential to evolve in an 'always on' and changing consumer landscape. The company has a presence in more than 130 countries with approximately 23,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.

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SOURCE Diebold Nixdorf