Austria’s ams circulates talk in €1 billion two-part notes offering; books close Thursday

By Paul A. Harris

Portland, Ore., June 24 – Austrian sensor manufacturer ams AG circulated initial price talk in its €1 billion equivalent offering of five-year senior notes (Ba3/BB-/BB-) on Wednesday, according to a market source.

The Rule 144A and Regulation S for life notes offering is coming in tranches of dollar-denominated notes with initial price talk of 6¾% to 7% and euro-denominated notes with initial price talk of 5¾% to 6%.

Books close on Thursday.

Joint global coordinator and joint physical bookrunner HSBC is leading the dollar-denominated tranche, for which it will bill and deliver. Joint global coordinator and joint physical bookrunner UBS is leading the euro-denominated tranches, for which is will bill and deliver.

BofA Securities, Citigroup, Commerzbank, Credit Agricole CIB, Deutsche Bank and Morgan Stanley are joint bookrunners for both tranches. Erste is the co-manager for both tranches.

The notes become callable after two year a par plus 50% of the respective coupons.

The Premstatten, Austria-based company plans to use the proceeds, together with proceeds from a rights offering, to partially fund the acquisition of Osram Licht AG and to refinance debt.

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