Heidelberg Druck puts out €60m CB
Heidelberger Druckmaschinen, the triple-C rated printing machine firm, on Tuesday evening raised €60m from a convertible bond that will help pay down a syndicated loan, diversify funding and extend maturities.
The deal was priced with an effective conversion premium of more than 40%, taking into account Wednesday’s stock skid, but even with a coupon of 8.5% represented a saving of around 200bp, compared to a straight high-yield bond.
The unsecured bond was structured as a four year maturity
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.