AMS pays up after investigation news trips up takeout

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By Owen Sanderson
01 Jul 2020

AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.

Bankers released “final terms” on the AMS deal on Thursday lunchtime last week, with an increase in the deal size from €1bn to €1.3bn, and both euros and dollars at the tight end of talk.

But before the deal was allocated, Handelsblatt broke the news that executives at ...

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