Evonik sees tenders of €402.78 million notes, plans clean-up call

By Wendy Van Sickle

Columbus, Ohio, Sept. 2 – Evonik Industries AG received and accepted tenders of €402.78 million notes under its tender offer for its €500 million subordinated resettable fixed-rate notes due 2077 (ISIN: DE000A2GSFF1), which have an initial coupon of 2.125%, according to a notice.

As announced on Aug. 24, Evonik was offering to purchase any and all of the notes for cash at a purchase price of 102.091 based on a fixed purchase yield of negative 15 basis points.

The company will also pay accrued interest.

The offer expired at 11 a.m. ET on Sept. 1.

Settlement is expected to take place on Sept. 6.

The offer was subject to a financing condition, which has been met.

The company said the purpose of the tender offer and its new issuance was to proactively manage its layer of hybrid capital. The transaction also gave noteholders the opportunity to sell their current holdings ahead of the notes’ first par call date on Aug. 7, 2022 and to subscribe to the new green notes.

The existing notes have a clean-up call provision, which the company said it intends to exercise for the remaining €97.22 million of the notes.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 877 01057, DG.LM-EMEA@bofa.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Paul Kamminga, evonik@lucid-is.com) is the tender agent.

Evonik is a specialty chemicals company based in Essen, Germany.

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