Covestro prices capital increase for acquisition finance

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By Sam Kerr
14 Oct 2020

Covestro, the German chemicals company, priced a €447m capital increase on Tuesday night to partially refinance an acquisition. Investors supported the deal in large numbers, despite a rough night for secondary markets and an incredibly tight discount.

Bank of America, Citi and Credit Suisse were the bookrunners on the 10.2m share deal, worth 5.5% of the company.

Covestro will use the proceeds to partially refinance the planned acquisition of a resins and functional materials business from Royal DSM, announced on September 30.

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