Kuka plans €91.2 million add-on to 2% convertibles priced in February

By Rebecca Melvin

New York, July 23 - Kuka AG plans to sell a €91.2 million add-on to its €58.8 million of 2% convertible bonds that it priced in February, according to a news release.

The Regulation S bonds will be issued at a price above their nominal value that will be set during accelerated book-building on Tuesday.

The convertibles are expected to be issued on Friday.

The bonds are initially convertibles into up to 2.48 million newly issued bearer shares.

Like the bonds issued Feb. 12, the add-on will have an initial conversion price of €36.8067. They are non-callable for three years and then provisionally callable if the price of Kuka shares is above 130% of the conversion price over a specified period.

Proceeds will be used for balance sheet improvement in the medium term, as well as to increase financial flexibility.

Augsburg, Germany based Kuka develops industrial automation processes, including robotics.

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