New Issue: Germany’s K+S prices €225 million tap of 2 5/8% notes at 102.728 to yield 2 1/8%

By Paul A. Harris

Portland, Ore., May 17 – K+S AG priced a €225 million add-on to its 2 5/8% senior bullet notes due April 6, 2023 (expected BB+) at 102.728 to yield 2 1/8% on Wednesday, according to a market source.

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

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

Issuer:	K+S AG
Amount:	€225 million
Maturity:	April 6, 2023
Security description:	Add-on to 2 5/8% senior notes due April 6, 2023
Bookrunners:	Santander (bill and deliver), Barclays, LBBW, RBC
Coupon:	2 5/8%
Price:	102.728
Yield:	2 1/8%
Spread:	233.6 bps
Call:	Make-whole call until three months prior to maturity, then callable at par, otherwise non-callable
Trade date:	May 17
Settlement date:	May 24 with accrued interest
Rating:	S&P: Expected BB+
Distribution:	Regulation S
Marketing:	Quick to market
Original issue:	€400 million priced on March 30, 2017
Total issue size:	€625 million

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