By Paul A. Harris
St. Louis, Oct. 6 - Evonik Industries AG priced a €750 million issue of 7% five-year fixed-rate notes at 99.489 to yield 7 1/8% on Tuesday, according to an informed source.
The yield printed at the tight end of the 7¼% price talk.
The coupon steps up by 1¼% if two public ratings are not acquired by the first coupon date.
Deutsche Bank, HSBC, RBS Securities and Unicredit (HVB) managed the deal, which priced following a four-day European roadshow. Commerzbank, DZ Bank and WestLB were co-leads.
The issuer is an Essen, Germany, industrial conglomerate.
| Issuer: | Evonik Industries AG
|
| Amount: | €750 million
|
| Maturity: | Oct. 14, 2014
|
| Security description: | Fixed-rate notes
|
| Bookrunners: | Deutsche Bank, HSBC, RBS Securities, Unicredit (HVB)
|
| Co-leads: | Commerzbank, DZ Bank, WestLB.
|
| Coupon: | 7% (1¼% step-up if two public ratings are not acquired by the first coupon date)
|
| Price: | 99.489
|
| Yield: | 7 1/8%
|
| Spread: | Bunds plus 479.7 bps
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 14
|
| Ratings: | Not rated
|
| Price talk: | 7¼% area
|
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