Oversubscription for Degussa bond

- Last updated on GMT

Related tags: Chemicals company degussa, Bank of america, Degussa

German chemicals company Degussa last week launched a benchmark
bond to replace maturing debt and extend its financial liabilities.
It was three times oversubscribed, according to the company,
increasing the transaction size.

As a result, Degussa increased the transaction size from the originally planned €1.0 billion to €1.25 billion. The issue has a ten-year maturity and a coupon of 5.125 per cent.

ABN AMRO, Deutsche Bank and Morgan Stanley acted as joint lead managers for the company, which has seen sales continue to slide each quarter this year.

In the first nine months sales reached €8.6 billion, down 3 per cent compared with comparable period of 2002, while profit on sales fell by 8 per cent. Meanwhile income at the group has been hit by a €500 million impairment charge for the fine chemicals operations, related to goodwill from mergers and acquisition.

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