New Issue: Austria-based ams prices €650 million and $400 million five-year secured notes

By Paul A. Harris

Portland, Ore., June 30 – Austrian sensor manufacturer ams AG priced two tranches of five-year senior notes (Ba3/BB-/BB-) in dollar and euro denominations on Tuesday, according to market sources.

The deal included a $400 million amount of 7% notes that priced at 99 to yield 7.238%. The yield and coupon came on top of final talk. Earlier talk called for a coupon in the 7% area at 99.

The deal also included a €650 million amount of 6% notes that priced at 99. The coupon and price came on top of talk. Earlier talk called for a coupon in the 6% area at 99.

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.

Issuer:	ams AG
Maturity:	July 31, 2025
Securities:	Senior notes
Bookrunners:	BofA Securities, Citigroup, Commerzbank, Credit Agricole CIB, Deutsche Bank, Morgan Stanley
Co-manager:	Erste
Trade date:	June 30
Settlement date:	July 6
Ratings:	Moody's: Ba3
	S&P: BB-
	Fitch: BB-
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow
Dollar notes
Amount:	$400 million
Coupon:	7%
Price:	99
Yield:	7.238%
Spread:	697 bps
First call:	July 31, 2022 at 105.25
Price talk:	7% coupon at 99
Euro notes
Amount:	€650 million
Coupon:	6%
Price:	99
First call:	July 31, 2022 at 104
Price talk:	6% coupon at 99

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