By Paul A. Harris
St. Louis, Sept. 14 - Germany's Durr AG priced a €150 million issue of five-year unsubordinated notes (B2/B/) at par to yield 7¼%, according to company press release.
The issue priced on top of the price talk.
Close Brothers Seydler Bank AG was the bookrunner for the private placement, according to a market source. Solventis Wertpapierhandelsbank GmbH is the sub-underwriter.
Proceeds will be used to redeem the company's 9¾% notes due July 15, 2011 at par in November.
Durr placed the new bond as a proprietary issue primarily among private investors, asset managers and small institutional investors in Germany and Austria via the Stuttgart Stock Exchange's Bondm segment, according to the press release.
"We are extremely pleased with the success of the issue," chief financial officer Ralph Heuwing commented in a news release.
"We are not only improving our interest costs and maturity structures but are also heartened by the lively response in the capital market to our innovative placing concept."
Durr is a Bietigheim-Bissingen, Germany-based holding company providing, through its subsidiaries, equipment, systems and services mainly for automobile and aircraft industries.
| Issuer: | Durr AG
|
| Amount: | €150 million
|
| Maturity: | September 2015
|
| Securities: | Senior unsubordinated notes
|
| Bookrunner: | Close Brothers Seydler Bank AG
|
| Sub-underwriter: | Solventis Wertpapierhandelsbank GmbH
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Private placement
|
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