25 November 2003 10:21 [Source: ICIS news]
LONDON (CNI)--German specialty chemicals group Degussa said Tuesday it has raised Euro1.25bn ($1.49bn) from its first bond issue.
The size of the issue was increased from the planned Euro1bn as a result of strong investor demand, the firm said. The issue was three times oversubscribed, it added.
The ten-year bonds pay an interest rate of 5.125%. The discounted issue price of 98.99% translates into a credit spread of 0.75 percentage points over the 10-year swap rate.
Proceeds from the bond issue will be used to replace maturing debt while simultaneously extending the average life of the firm’s financial liabilities, said Degussa.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections