Fresenius talks €600 million three-year mandatory exchangeables at 5.125%-5.625%, up 18%-22%

By Kenneth Lim

Boston, July 17 - Fresenius Finance (Jersey) Ltd. plans to price up to €600 million of three-year mandatory exchangeable bonds into ordinary shares of Fresenius Medical Care AG & Co. Price talk is for a coupon of 5.125% to 5.625% and an initial maximum exchange premium of 18% to 22%.

The minimum exchange price will be the reference share price.

Credit Suisse, Deutsche Bank, Dresdner Kleinwort and JPMorgan are the bookrunners of the Regulation S offering.

There will be a concurrent accelerated secondary equity offering of Fresenius Medical Care shares.

The bonds will have dividend and takeover protection.

The exchangeables will be listed on the Frankfurt Stock Exchange.

Fresenius Finance and Fresenius Medical are units of Fresenius SE, a Hesse, Germany-based health care group. Fresenius said it will use the proceeds to help fund its previously announced acquisition of APP Pharmaceuticals, Inc.

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