ams-Osram starts roadshow for €800 million equivalent dollar, euro five-year senior notes

By Paul A. Harris

Portland, Ore., Nov. 13 – ams-Osram AG began a virtual roadshow on Monday for an €800 million equivalent two-part offering of senior notes due March 2029 (expected ratings B2/BB-/BB-), according to market sources.

The deal features a tranche of dollar-denominated notes being led by global coordinator and joint physical bookrunner UBS (bill and deliver), as well as joint global coordinators and physical bookrunners Deutsche Bank and HSBC.

The offering also features a tranche of euro-denominated notes being led by joint global coordinator and physical bookrunner HSBC (bill and deliver), as well as joint global coordinators Deutsche Bank and UBS.

The roadshow runs through Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

The notes in both tranches are subject to initial calls after two years at par plus 50% of the respective coupons. All of the notes come with 101% poison puts.

Commerzbank and UniCredit are joint global coordinators and joint physical bookrunners for both tranches. Credit Agricole CIB, Erste, LBBW, Morgan Stanley and RBI are joint bookrunners for both tranches.

The Munich-based electric light manufacturer plans to use the proceeds plus proceeds from a rights issue and a Malaysia sale-leaseback transaction to refinance debt and for general corporate purposes.

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