Austria’s ams cuts two-part notes offering to €1 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 €1 billion equivalent from €1.3 billion equivalent on Monday and set price talk, according to a market source.

The euro-denominated notes are talked with a coupon in the 6% area at 99. The dollar-denominated notes are talked with a coupon in the 7% area at 99.

Tranche sizes remain to be determined.

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 years at par plus 75% of the respective coupons. The initial call premium is increased from 50%.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.