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ams-Osram circulates initial talk on €800 million equivalent dollar, euro five-year senior notes
By Paul A. Harris
Portland, Ore., Nov. 14 – Early guidance has surfaced on ams-Osram AG’s €800 million equivalent offering of senior notes due March 2029 (B2/BB-/BB-), which are coming in dollar- and euro-denominated tranches, according to market sources.
Whisper in the 11% area surfaced Tuesday morning on the euro-denominated notes, according to a market source in London.
Early guidance on the dollar-denominated notes is in the mid-12% area, a New York-based sellside source said on Monday afternoon.
Tranche sizes remain to be determined.
The roadshow runs through Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.
The dollar-denominated notes are being led by global coordinator and joint physical bookrunner UBS (bill and deliver), as well as joint global coordinators and physical bookrunners Deutsche Bank and HSBC.
The euro-denominated notes are being led by joint global coordinator and physical bookrunner HSBC (bill and deliver), as well as joint global coordinators Deutsche Bank and UBS.
Commerzbank and UniCredit are joint global coordinators and joint physical bookrunners for both tranches. Credit Agricole CIB, Erste, LBBW, Morgan Stanley and RBI are joint bookrunners for both tranches.
The five-year notes in both tranches are subject to initial calls after two years at par plus 50% of the respective coupons. All of the notes come with 101% poison puts.
The Munich-based electric light manufacturer plans to use the proceeds plus proceeds from a rights issue and a Malaysia sale-leaseback transaction to refinance debt and for general corporate purposes.
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