DGAP-News
Symrise AG places EUR400m convertible bonds
DGAP-News: Symrise AG / Key word(s): Bond/Miscellaneous
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- Market environment offers attractive terms
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- Issue Price: 100 per cent
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- Maturity: 7 years
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- Non-Conversion Period: 5 years
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- Proceeds to be used for the refinancing of existing loan and capital markets indebtedness and for general corporate purposes of the Company
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Symrise AG ("Symrise") today successfully placed with institutional investors EUR400m unsecured convertible bonds, with a maturity of 7 years and denominations of EUR100,000 each. Shareholders'
pre-emptive rights were excluded.
The convertible bonds are convertible into new and/ or existing no par value bearer shares of the issuer (the 'Ordinary Shares') not earlier than five years from now. The total number of shares
underlying the convertible bonds corresponds to 3.4% of the current share capital. The net proceeds raised will be used to refinance existing loan and capital markets indebtedness and for general
corporate purposes of the Company.
'With this issuance we are taking the opportunity of the positive convertible bond market environment to secure long-term financing at attractive terms from the capital markets.' says Olaf Klinger,
CFO of Symrise AG. 'In addition, we are diversifying our investor basis.'
The coupon amounts to 0.2375 % p.a. payable annually in arrear. The initial conversion price has been fixed at EUR91.8595, corresponding to a premium of 45 % to the volume-weighted average share price of Symrise during the bookbuilding process today.