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S&P rates MTU convertibles BB-
Standard & Poor's said it assigned its BB- senior unsecured debt rating to the €150 million in convertible bonds guaranteed by MTU Aero Engines Holding AG (BB+/stable) and issued through the wholly owned subsidiary MTU Aero Engines Finance BV.
The agency said that the issue size could be raised to €180 million, depending on demand and the exercise of a €15 million green-shoe option.
The bonds are due in February 2012, S&P noted.
"MTU will use the proceeds from the convertible issue to fund the early redemption of the outstanding high-yield senior notes issued in March 2004," said S&P credit analyst Werner Staeblein.
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