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Austrias ams cuts two-part notes offering to 2 billion equivalent, sets talk; books close Tuesday
By Paul A. Harris
Portland, Ore., June 29 Austrian sensor manufacturer ams AG downsized its two-part offering of five-year senior notes (Ba3/BB-/BB-) to 2 billion equivalent from 2.6 billion equivalent on Monday and set price talk, according to a market source.
A downsized 1 billion of the notes is talked with a coupon in the 6% area at 99. The tranche size decreased from 1.3 billion.
A downsized 1 billion of dollar-denominated notes is talked with a coupon in the 7% area at 99. The tranche size decreased from 1.3 billion equivalent.
Books close on Tuesday.
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 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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