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Deutsche Post to issue €2.7 billion bonds mandatorily exchangeable for Deutsche Postbank
By Angela McDaniels
Tacoma, Wash., Jan. 14 - Deutsche Post AG plans to issue approximately €2.7 billion of mandatory exchangeable bonds as part of its plan to sell a stake in Deutsche Postbank AG to Deutsche Bank AG.
The bonds will be zero-coupon bonds and accrue interest at 4% per year, according to a bank news release.
After three years, these bonds - including interest payments accrued - will be exchanged for 60 million Postbank shares, or a 27.4% stake.
Deutsche Bank will be the underwriter.
Closing is expected by Feb. 27.
Deutsche Bank is an investment bank based in Frankfurt. Deutsche Postbank is a retail bank based in Bonn.
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