Suedzucker buys €268.55 million of 2.5% convertibles at 182.5 in offer

By Susanna Moon

Chicago, Nov. 21 - Suedzucker AG said it bought back €268.55 million of its outstanding 2.5% convertible bonds due June 30, 2016 in the tender offer that ended on Wednesday.

The company will use €451 million proceeds from its placement of shares to fund the offer, according a company press release.

The offer for the cash tender offer was announced on Nov. 20 when the company said it was offering to buy back the bonds at 182.5% of par, or €91,250 per €50,000 bond.

Suedzucker previously said it was repurchasing the convertible bonds and raising equity to help fund the offer in order to strengthen its equity base well ahead of the maturity of the bonds or the possible exercise of a call option on July 31, 2013. The buyback was also meant to simplify its financing structure and maximize its financial and strategic flexibility.

The sugar producer is based in Mannheim, Germany.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.