New Issue: Germany’s K+S sells €400 million six-year notes at par to yield 2 5/8%

By Paul A. Harris

Portland, Ore., March 30 – German chemical company K+S AG priced a €400 million issue of six-year senior notes (expected BB+) at par to yield 2 5/8% on Thursday, according to a market source.

Joint bookrunner Santander will bill and deliver. Barclays, LBBW and RBC Capital Markets were also joint bookrunners.

The Kassel, Germany-based company plans to use the proceeds for general corporate purposes.

Issuer:	K+S AG
Amount:	€400 million
Maturity:	April 6, 2023
Securities:	Senior notes
Bookrunners:	Santander (bill and deliver) Barclays, LBBW, RBC Capital Markets
Coupon:	2 5/8%
Price:	Par
Yield:	2 5/8%
Spread:	Mid-swaps plus 231.7 bps
Trade date:	March 30
Settlement date:	April 6
Expected rating:	Moody's: BB+

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