By Paul A. Harris
Portland, Ore., July 11 – K+S AG priced a €600 million issue of six-year senior notes (S&P: BB) at par to yield 3¼% on Wednesday, according to market sources.
The deal, which was launched into the market early in the month at a €300 million minimum size, was sized at €400 million early Wednesday when yield talk of 3¼% to 3 3/8% circulated the market, at which point it was playing to €1.1 billion of orders, a source said.
Ultimately the deal was upsized by a further €200 million and priced at the tight end of that talk, the source added.
Joint bookrunner Deutsche Bank will bill and deliver. DZ Bank, Goldman Sachs and HSBC were also joint bookrunners.
K+S is a chemical company based in Kassel, Germany.
| Issuer: | K+S AG
|
| Amount: | €600 million
|
| Maturity: | July 18, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), DZ Bank, Goldman Sachs, HSBC
|
| Co-managers: | Commerzbank, Santander
|
| Coupon: | 3¼%
|
| Price: | Par
|
| Yield: | 3¼%
|
| Spread: | 343 bps
|
| Trade date: | July 11
|
| Settlement date: | July 18
|
| Rating: | S&P: BB
|
| Distribution: | Regulation S
|
| Price talk: | 3¼% to 3 3/8%
|
| Marketing: | Roadshow
|
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