By Paul A. Harris
Portland, Ore., May 25 – HeidelbergCement AG priced a €750 million issue of 2¼% eight-year notes at 98.963 to yield 2.394% on Wednesday, according to a press release from the company.
The bond was issued at the upper end of the volume and the lower end of the coupon range, the company stated in its release, adding that demand was very high, as the bond was more than four-times oversubscribed.
Active bookrunner Deutsche Bank AG, London Branch will bill and deliver. Citigroup, Danske and Banca IMI were also active bookrunners.
The Heidelberg, Germany-based building supplies company plans to use the proceeds for general corporate purposes and especially to pre-fund the upcoming Italcementi acquisition.
The company’s refinancing needs in the bond market for the Italcementi acquisition are largely covered with this bond issuance, HeidelbergCement stated in the Wednesday press release.
| Issuer: | HeidelbergCement AG
|
| Amount: | €750 million
|
| Maturity: | June 3, 2024
|
| Securities: | Notes
|
| Active bookrunners: | Deutsche Bank AG, London Branch (bill and deliver), Citigroup, Danske and Banca IMI
|
| Coupon: | 2¼%
|
| Price: | 98.963
|
| Yield: | 2.394%
|
| Trade date: | May 25
|
| Format: | Euro medium-term note program
|
| Marketing: | Quick to market
|
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