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Degussa Bond Successfully Launched

Published on 2003-11-26. Author : SpecialChem

November 24, 2003 -- Dusseldorf-based Degussa AG today successfully launched its inaugural benchmark bond. The issue has a total volume of 1.25 billion euros, a ten-year maturity and a coupon of 5.125 percent. The issue price of 98.99 percent translates into a credit spread of 0.75 percentage points above the 10-year-swap-rate.

The transaction was presented to investors across Europe last week, and generated tremendous interest. As a consequence of strong demand -

the bond was three times oversubscribed - Degussa increased the transaction size from the originally planned 1.0 billion euros to 1.25 billion euros.

Degussa will use the proceeds from this bond issue to replace maturing debt and extend the average life of its financial liabilities.

ABN AMRO, Deutsche Bank and Morgan Stanley acted as joint lead managers. Bayerische Landesbank, BNP Paribas, Commerzbank, Fortis Bank, HypoVereinsbank and Landesbank Baden-Württemberg were co- managers.

Degussa is a multinational corporation consistently aligned to highly profitable specialty chemistry. With sales of € 11.8 billion and a workforce of some 48,000, it is Germany's third-largest chemical company and the world market leader in specialty chemicals. In fiscal 2002, the corporation generated operating profits (EBIT) of more than € 900 million. Degussa's core strength lies in highly-effective system solutions that are tailored to the requirements of its customers in over 100 countries throughout the world. Degussa's activities are led by the vision "Everybody benefits from a Degussa product - every day and everywhere".

Source: Degussa


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