Austria-based ams launches upsized €1.3 billion equivalent notes in two parts at tight end of talk

By Paul A. Harris

Portland, Ore., June 25 – Austrian sensor manufacturer ams AG launched an upsized €1.3 billion equivalent offering of five-year senior notes (Ba3/BB-/BB-) in two tranches on Thursday morning, according to a market source.

Both tranches launched at the tight end of initial talk.

A $500 million amount of the notes launched at 6¾%, versus initial talk of 6¾% to 7%.

An €850 million amount of the notes launched at 5¾%, versus initial talk of 5¾% to 6%.

The deal is upsized from €1 billion equivalent.

Order books for both tranches were scheduled to be closed during the New York morning.

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 Rule 144A and Regulation S for life notes become callable after two years at 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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